The valuation of inventory under average cost

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The valuation of inventory under Average Cost - Perpetual is $1,977.31 with detail as shown. Purchased No. of units Sold No. of units Balance No. of units Ext'd Inv Valuation
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Name: Date: Instructor: Course: 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: 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 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 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 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 Enter text answer here as required. The area within gray highlighting should contain sales details. Date Unit cost Unit cost 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 Intermediate Accounting , 14 th 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’s record of transactions concerning part X for the month of April was as follows. (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. (1) First-in, First-out, (FIFO). (Assuming costs are not computed for each withdrawal - Perpetual.) (2) Last-in, First-out, (LIFO). (Assuming costs are not computed for each withdrawal - Perpetual.) (3) Average cost. (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.) (2) Last-in, First-out, (LIFO). (Assuming costs are computed for each withdrawal - Perpetual.) Purchased No. of units Sold No. of units Event Detail Balance* No. of units
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Name: Date: Instructor: Course: 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.
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  • Spring '12
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  • Accounting, 1966, 1981, 1979, 1970

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