Inventory valuation
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Hull Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand) 100 @ $5.00
4 400 @ 5.10
11 300 @ 5.30
18 200 @ 5.35
26 600 @ 5.60
30 200 @ 5.80
Sales
April 5 300
12 200
27 800
28 150
Instructions
a. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cents.
1. FIFO
2. LIFO
3. Average Cost.
b. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, 2, and 3 above? Carry average unit costs to four decimal places.
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Solution Summary
The solution explains inventory valuation using FIFO, LIFO, and average cost
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