Compute FIFO, LIFO, and Average Cost
Hull Company record of transactions concerning part X for the month
of April was as follows.
(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
decimalplaces.
No comments:
Post a Comment