Hull Companys record of transactions concerning part X for t

Hull Company’s record of transactions concerning part X for the month of April was as follows.
	Purchases	Sales
		Quantity:	Unit Cost:		Quantity:	Quantity: Apr 5 290 Apr 12 200 Apr 27 800 Apr 28 200
Apr 1	(Balance on hand)	110	$6.00	Apr 5	290
Apr 4		420	6.20	Apr 12	200
Apr 11		280	6.30	Apr 27	800
Apr 18		210	6.40	Apr 28	200
Apr 26		500	6.50
Apr 30		260	6.70
Instructions:
(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.

Solution

Date Units Unit Costs Apr-01                        110                     6.00                  660 Apr-04                        420                     6.20               2,604 Apr-11                        280                     6.30               1,764 Apr-18                        210                     6.40               1,344 Apr-26                        500                     6.50               3,250 Apr-30                        260                     6.70               1,742 Total units                     1,780            11,364 Total Unit Sold                     1,490 Total units (ending inventory)                        290 1 FIFO Cost of Goods Sold 11364-1937 9427 Ending Inventory 260*6.70 + 30*6.50 1937 2 LIFO Cost of Goods Sold 11364-1776 9427 Ending Inventory 110*6.00 + 180*6.20 1776