## (Solution Download) Question 10 INCORRECT ANSWER IN PART b Hull CompanyAc??cs record of transactions concerning part

Question 10 INCORRECT ANSWER IN PART b

Hull CompanyAc??cs record of transactions concerning part X for the

month of April was as follows.

 Purchases Sales April 1 (balance on hand) 410 @ \$7.40 April 5 610 4 710 @ 7.50 12 510 11 610 @ 7.80 27 1,420 18 510 @ 7.90 28 150 26 910 @ 8.30 30 510 @ 8.60

(a1)

Calculate average-cost per unit. (Round answer to 4

decimal places, e.g. 2.7621.)

 Average-cost per unit \$7.9467

 Attempts: 2 of 9 used

(a2)

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.)

 (1) FIFO (2) LIFO (3) Average-cost Ending Inventory \$8204 \$7234 \$7708

 Attempts: 2 of 9 used

(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 (1) FIFO, (2) LIFO and (3) 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.)

 (1) FIFO (2) LIFO (3) Average-cost Ending Inventory \$8204 \$7795 \$7708 AVERAGE-COST INCORRECT

 Attempts: 5 of 9 used SAVE FOR LATER SUBMIT ANSWER

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