FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 100 400 300 200 600 200 € € $5.00 5.10 5.30 5.35 5.60 5.80 Sales April 5 12 27 28 300 200 800 150
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Transcribed Image Text:Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 100 400 300 200 600 200 € € $5.00 5.10 5.30 5.35 5.60 5.80 Sales April 5 12 27 28 300 200 800 150
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, eg. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Ending inventory eTextbook and Media (1) FIFO (2) LIFO (3) Average-cost
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Transcribed Image Text: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, eg. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Ending inventory eTextbook and Media (1) FIFO (2) LIFO (3) Average-cost
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Step 2: FIFO:
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Step 3: LIFO:
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Step 4: Average cost:
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