AC 302 CHAPTER 302 PROBLEM QUESTION 4

AC 302 CHAPTER 302 PROBLEM QUESTION 4
Name					Date			
Instructor					Course			
Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield								
Primer on Using Excel in Accounting by Rex A Schildhouse								
								
P8-4 (Compute FIFO, LIFO, and Average Cost) Hull Company- 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)		100 	$5.00	Apr 5	300 		
Apr 4			400 	5.10	Apr 12	200 		
Apr 11			300 	5.30	Apr 27	800 		
Apr 18			200 	5.35	Apr 28	150 		
Apr 26			600 	5.60				
Apr 30			200 	5.80				
								
Instructions:								
(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.								
								
								
Purchases						Sales		
Dates and Units				Unit Cost		Dates and Units		
April 1 (balance on hand)			Quantity	Amount		Apr 5	Quantity	
Apr 4			Quantity	Amount		Apr 12	Quantity	
Apr 11			Quantity	Amount		Apr 27	Quantity	
Apr 18			Quantity	Amount		Apr 28	Quantity	
Apr 26			Quantity	Amount		Total units	Formula	
Apr 30			Quantity	Amount				
Total units			Formula					
Total units sold			Quantity					
Total units (ending inventory)			Formula					
								
(1) First-in, First-out, (FIFO). (Assuming costs are not computed for each withdrawal - Perpetual.)								
								
Date of Invoice		No. Units		Unit Cost		Total Cost		
Apr 30		Quantity		Amount		Formula		
Apr 26		Quantity		Amount		Formula		
Value of ending inventory, FIFO, Periodic valuation: 						Formula		
								
(2) Last-in, First-out, (LIFO). (Assuming costs are not computed for each withdrawal - Perpetual.)								
								
Date of Invoice		No. Units		Unit Cost		Total Cost		
Apr 1		Quantity		Amount		Formula		
Apr 4		Quantity		Amount		Formula		
Value of ending inventory, LIFO, Periodic valuation: 						Formula		
								
(3) Average cost.								
								
Date of Invoice		No. Units		Unit Cost		Total Cost		
Apr 1		Quantity		Amount		Formula		
Apr 4		Quantity		Amount		Formula		
Apr 11		Quantity		Amount		Formula		
Apr 18		Quantity		Amount		Formula		
Apr 26		Quantity		Amount		Formula		
Apr 30		Quantity		Amount		Formula		
Total Available		Formula				Formula		
								
Average cost per unit:				Amount				
Units in ending inventory:				Quantity				
Ending valuation of inventory, average cost method				Formula				
								
"(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 decimal places."								
								
(1) First-in, First-out, (FIFO). (Assuming costs are computed for each withdrawal - Perpetual.)								
								
Enter text answer here as required.								
								
(2) Last-in, First-out, (LIFO). (Assuming costs are computed for each withdrawal - Perpetual.)								
The area within gray highlighting should contain sales details.								
								
Date	"Purchased
No. of units"	Unit cost	"Sold
No. of units"	"Event
Detail"	Unit cost	"Balance*
No. of units"	Unit cost	Amount
Apr 1	100 	$5.00 				100 	$5.00 	$500.00 
								
Apr 4								
								
							Balance	
								
Apr 5								
								
								
							Balance	
								
Apr 11								
								
								
							Balance	
								
Apr 12								
								
								
								
							Balance	
								
Apr 18								
								
								
								
							Balance	
								
Apr 26								
								
								
								
								
							Balance	
								
Apr 27								
								
								
								
								
							Balance	
								
Apr 28								
								
								
							Balance	
								
Apr 30								
								
								
							Balance	
								
Enter text answer here as appropriate								
								
(3) Average Cost. (Perpetual.)								
								
The area within gray highlighting should contain sales details.								
								
Date	"Purchased
No. of units"	Unit cost	"Sold
No. of units"	Unit cost	"Balance
No. of units"	Unit cost*	"Ext'd Inv
Valuation"	
Apr 1	100 	$5.0000 			100 	$5.0000 	$500.00 	
Apr 4								
				Balance				
Apr 5								
				Balance				
Apr 11								
				Balance				
Apr 12								
				Balance				
Apr 18								
				Balance				
Apr 26								
				Balance				
Apr 27								
				Balance				
Apr 28								
				Balance				
Apr 30								
				Balance				
Slight differences in values are due to significant digit rounding.								
Enter text answer here as appropriate.