In: Accounting
Cullumber Company’s record of transactions concerning part X for
the month of April was as follows.
Purchases |
Sales |
||||||||
April 1 | (balance on hand) | 290 | @ | $6.00 | April 5 | 490 | |||
4 | 590 | @ | 6.12 | 12 | 390 | ||||
11 | 490 | @ | 6.36 | 27 | 1,180 | ||||
18 | 390 | @ | 6.42 | 28 | 150 | ||||
26 | 790 | @ | 6.72 | ||||||
30 | 390 | @ | 6.96 |
Calculate average-cost per unit. Assume that perpetual inventory
records are kept in units only. (Round answer to 2
decimal places, e.g. 2.76.)
Average-cost per unit |
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. $6,548.)
(1) |
(2) |
(3) |
||||
Ending Inventory |
$ |
$ |
$ |
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 under (1) FIFO, (2) LIFO and (3)
Average-cost? (Round average cost per unit to 4 decimal
places, e.g. 2.7621 and final answers to 0 decimal places, e.g.
6,548.)
(1) |
(2) |
(3) |
||||
Ending Inventory |
$ |
$ |
$ |