# Problem 8-4 Hull Company’s record of transactions concerning part X for the month of April was as…

### Question Description:

25

Problem 8-4 Hull Company’s record of transactions concerning part X for the month of April was as follows. Purchases Purchases Purchases Purchases Purchases Purchases Purchases Sales Sales Sales April 1 (balance on hand) 490 @ \$7.30 April 5 690 4 790 @ 7.40 12 590 11 690 @ 7.70 27 1,580 18 590 @ 7.80 28 150 26 990 @ 8.10 30 590 @ 8.40 Warning Don’t show me this message again for the assignment Ok Cancel (a1) Calculate average cost per unit.(Round average cost per unit to 4 decimal places, e.g. \$2.7621.) Average cost per unit \$7.4230 Warning Don’t show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work (a2) and (b) (a) 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.) FIFO LIFO Average cost Ending Inventory \$ \$ \$ (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 under FIFO, LIFO and 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.) FIFO LIFO Average cost Ending Inventory \$ \$ \$ Warning Don’t show me this message again for the assignment Ok Cancel