Hull Company’s record of transactions concerning part X

| June 9, 2016

Question
Hull Company’s record of transactions concerning part X for the month of April was as follows.
Purchases Sales
April? 1 (balance on hand) 100 @ $5.00 April? 5 300
4 400 @ ?5.10 12 200
11 300 @ ?5.30 27 800
18 200 @ ?5.35 28 150
26 600 @ ?5.60
30 200 @ ?5.80

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 cent.

1. First-in, first-out (FIFO).

2. Last-in, first-out (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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