Question

Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity: Unit Cost: Quantity: Apr 1 (Balance on hand) 110 $8.00 Apr 5 290 Apr 4 420 8.20 Apr 12 Apr 11 2808 .30 Apr 27 800 Apr 18 210 8.401 Apr 28 200 Apr 26 500 8.50 Apr 30 2708.70 200 Instructions: 3 (a) Compute the inventory at April 30 and the cost of goods sold during April on each of the following bases. Assume that periodic inventory records are kept. Carry unit costs to the nearest cent. 5 (1) First-in, First-out, (FIFO). 6 (2) Last-in, First-out, (LIFO). 7 (3) Average cost. 8 (b) If the perpetual inventory record is kept 19 20 (1) First-in, First-out, (FIFO). 21 (2) Last-in, First-out, (LIFO). 22 (3) Average Cost.

Answer 1

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Hull Company
Answer a 1
Periodic FIFO
Date	Cost of Goods available for sale	Cost of Goods sold	Inventory Balance
No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Inventory Balance
1-Apr	110.00	8.00	880.00	110.00	8.00	880.00	-	8.00	-
4-Apr	420.00	8.20	3,444.00	420.00	8.20	3,444.00	-	8.20	-
11-Apr	280.00	8.30	2,324.00	280.00	8.30	2,324.00	-	8.30	-
18-Apr	210.00	8.40	1,764.00	210.00	8.40	1,764.00	-	8.40	-
26-Apr	500.00	8.50	4,250.00	470.00	8.50	3,995.00	30.00	8.50	255.00
30-Apr	270.00	8.70	2,349.00		8.70	-	270.00	8.70	2,349.00
Total	1,790.00		15,011.00	1,490.00		12,407.00	300.00		2,604.00
Cost of Goods sold is $ 12,407.

Answer a 2
Periodic LIFO
Date	Cost of Goods available for sale	Cost of Goods sold	Inventory Balance
No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Inventory Balance
1-Apr	110.00	8.00	880.00		8.00	-	110.00	8.00	880.00
4-Apr	420.00	8.20	3,444.00	230.00	8.20	1,886.00	190.00	8.20	1,558.00
11-Apr	280.00	8.30	2,324.00	280.00	8.30	2,324.00	-	8.30	-
18-Apr	210.00	8.40	1,764.00	210.00	8.40	1,764.00	-	8.40	-
26-Apr	500.00	8.50	4,250.00	500.00	8.50	4,250.00	-	8.50	-
30-Apr	270.00	8.70	2,349.00	270.00	8.70	2,349.00	-	8.70	-
Total	1,790.00		15,011.00	1,490.00		12,573.00	300.00		2,438.00
Cost of Goods sold is $ 12,573.

Answer a 3
Periodic Average Costs
Date	No. of Units	Cost per unit	Amount
1-Apr	110.00	8.00	880.00
4-Apr	420.00	8.20	3,444.00
11-Apr	280.00	8.30	2,324.00
18-Apr	210.00	8.40	1,764.00
26-Apr	500.00	8.50	4,250.00
30-Apr	270.00	8.70	2,349.00
Cost of Goods available for sale	1,790.00		15,011.00
Average cost		8.39	This is $ 15,011/1,790 units.
Units sold		1,490.00
Cost of Goods sold		12,495.19

Answer b 1 Perpetual FIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance Date No. of UniCost per unit Amount No. of Unitost per un cost of Good No. of Unitost per un Inventory Balance 1-Apr 110.00 8.00 880.00 110.00 8.00 880.00 4-Apr 420.00 8.20 3.444.00 110.00 8.00 880.00 420.00 8.20 3,444.00 5-Apr 110.00 | H 240.00 8.00 | 8.20 F 110.00 180.00 1,968.00 880.00 | 8.00 8.20 880.00 1,476.00 11-Apr 280.00 8.30 2,324.00 240.00 280.00 8.20 8.30 1,968.00 2,324.00 12-Apr 200.00 8.20 1,640.00 40.00 280.00 8.20 8.30 328.00 2,324.00 18-Apr 210.00 8.40 1,764.00 40.00 280.00 210.00 8.20 8.30 8.40 328.00 2,324.00 1,764.00 26-Apr 500.00 8.50 4,250.00 40.00 280.00 210.00 500.00 8.20 8.30 8.40 8.50 328.00 2,324.00 1,764.00 4,250.00 27-Apr 230.00 8.50 1,955.00 40.00 280.00 210.00 270.00 8.20 8.30 8.40 8.50 328.00 2,324.00 1,764.00 2,295.00 28-Apr 200.00 8.50 1,700.00 8.50 255.00 30-Apr 270.00 8.70 2,349.00 30.00 30.00 270.00 300.00 8.50 8.70 255.00 2,349.00 2,604.00 1,490.00 12,407.00 Ending Inventory Cost of Goods sold is $ 12,407.

Answer b 2 Perpetual LIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance Date No. of Unitost per unit Amount No. of Unitost per un Cost of Good No. of Unifost per un Inventory Balance 1-Apr 110.00 8.00 880.00 110.00 8.00 880.00 4-Apr 420.00 8.20 3,444.00 | 110.00 8.00 880.00 420.00 8.20 3,444.00 5-Apr 290.00 8.20 2,378.00 110.00 8.00 880.00 130.00 8.20 1,066.00 11-Apr 280.00 8.30 2,324.00 | 110.00 130.00 280.00 8.00 8.20 8.30 880.00 1,066.00 2,324.00 12-Apr 200.00 8.30 1,660.00 110.00 130.00 80.00 8.00 8.20 8.30 880.00 1,066.00 664.00 18-Apr 210.00 8.40 1,764.00 110.00 130.00 80.00 210.00 8.00 8.20 8.30 8.40 880.00 1,066.00 664.00 1,764.00 26-Apr 500.00 8.50 4,250.00 110.00 130.00 80.00 210.00 500.00 8.00 8.20 8.30 8.40 8.50 880.00 1,066.00 664.00 1,764.00 4,250.00 27-Apr 110.00 120.00 8.00 8.20 880.00 984.00 10.00 80.00 210.00 500.00 8.20 8.30 8.40 8.50 82.00 664.00 1,764.00 4,250.00 28-Apr 30.00 8.00 240.00 80.00 120.00 8.00 8.20 640.00 984.00 30-Apr 270.00 8.70 2,349.00 30.00 270.00 300.00 8.00 8.70 240.00 2,349.00 2,589.00 1,490.00 12,422.00 Ending Inventory Cost of Gods sold isl$ 12,422.

Answer b3 Perpetual Average Cost Cost of Goods available for sale Cost of Goods sold Inventory Balance Date No. of Unitost per unit Amount No. of Unitpost per un Cost of Good No. of Unitost per un Inventory Balance 1-Apr 110.00 8.00 880.00 110.00 8.00 880.00 4-Apr 420.00 8.20 3,444.00 110.00 8.00 880.00 420.00 8.20 3,444.00 530.00 8.16 4,324.00 Use this for average cost. 5-Apr 290.00 8.16 2,365.96 240.00 8.16 1,958.04 11-Apr 280.00 8.30 2,324.00 | 240.00 280.00 520.00 8.16 8.30 8.23 1,958.04 2,324.00 4,282.04 Use this for average cost. 12-Apr 200.00 8.23 1,646.94 320.00 8.23 2,635.10 18-Apr 210.00 8.40 1,764.00 320.00 210.00 | 530.00 8.23 8.40 8.30 2,635.10 1,764.00 4,399.10 Use this for average cost. 26-Apr 500.00 8.50 4,250.00 530.00 500.00 8.30 4,399.10 8.50 4,250.00 8.408,649.10 Use this for average cost. 8.40 1,931.35 8.40| 251.92| 27-Apr 28-Apr 800.00 200.00 8.406,717.75 8.40 1,679.44 230.00 30.00 | | 2,349.00 30-Apr 270.00 8.70 30.00 270.00 300.00 8.40 8.70 251.92 2,349.00 2,600.92 1,490.00 12,410.08 Ending Inventory Cost of Goods sold is $ 12,410.08.