Question

In: Accounting

Oriole Company’s record of transactions concerning part X for the month of April was as follows....

Oriole Company’s record of transactions concerning part X for the month of April was as follows.

Purchases

Sales

April     1 (balance on hand) 390 @ $7.00 April     5 590
4 690 @ 7.10 12 490
11 590 @ 7.40 27 1,380
18 490 @ 7.50 28 150
26 890 @ 7.80
30 490 @ 8.10

Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)

Average-cost per unit

$

eTextbook and Media

  

  

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)
FIFO

(2)
LIFO

(3)
Average-cost

Ending Inventory

$

$

$

eTextbook and Media

  

  

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)
FIFO

(2)
LIFO

(3)
Average-cost

Ending Inventory

$

Solutions

Expert Solution

1

Moving average cost
Inventory balance Total cost Average cost for each units
1-Apr                       390.00       2,730.00                                           7.00
4-Apr                    1,080.00       7,629.00                                           7.06
5-Apr                       490.00       3,459.40                                           7.06
11-Apr                    1,080.00       7,825.40                                           7.25
12-Apr                       590.00       4,277.50                                           7.25
18-Apr                    1,080.00       7,952.50                                           7.36
26-Apr                    1,970.00     14,894.50                                           7.56
27-Apr                       590.00       4,460.40                                           7.56
28-Apr                       150.00       1,134.00                                           7.56
30-Apr                       640.00       5,103.00                                           7.97

Average Cost found by Cost / Units in Hand

Units as per Purchase will add and Sales will less


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