Question

Hull Company’s record of transactions concerning part X for the month of April was as follows.
										Purchases				Sales
			Quantity:	Unit Cost:		Quantity:	Quantity: Apr 5 290 Apr 12 200 Apr 27 800 Apr 28 200
Apr 1	(Balance on hand)		110	$6.00	Apr 5	290
Apr 4			420	6.20	Apr 12	200
Apr 11			280	6.30	Apr 27	800
Apr 18			210	6.40	Apr 28	200
Apr 26			500	6.50
Apr 30			260	6.70
Instructions:
(a) Compute the inventory at April 30 and the cost of goods sold during April on each of the following bases. Assume that periodic inventory records are kept. Carry unit costs to the nearest cent.

Answer 1

	Date	Units	Unit Costs
	Apr-01	110	6.00	660
	Apr-04	420	6.20	2,604
	Apr-11	280	6.30	1,764
	Apr-18	210	6.40	1,344
	Apr-26	500	6.50	3,250
	Apr-30	260	6.70	1,742
	Total units	1,780		11,364
	Total Unit Sold	1,490
	Total units (ending inventory)	290
1	FIFO
	Cost of Goods Sold
	11364-1937	9427
	Ending Inventory
	260*6.70 + 30*6.50	1937
2	LIFO
	Cost of Goods Sold
	11364-1776	9427
	Ending Inventory
	110*6.00 + 180*6.20	1776