Crane Company’s record of transactions concerning part X for
the month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
200
@
$5.10
April 5
400
4
500
@
5.20
12
300
11
400
@
5.40
27
1,000
18
300
@
5.50
28
150
26
700
@
5.70
30
300
@
5.90
Calculate average-cost per unit. Assume that perpetual
inventory records are kept in units only. (Round
answer to 4 decimal places, e.g. 2.7682.)
Average-cost per unit
$
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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
$
$
$
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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
$
$
$
