Question 10 INCORRECT ANSWER IN PART b Hull CompanyAc€?cs record of transactions concerning part 1 answer below »

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) Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7621.)
Average-cost per unit

$7.9467

SHOW ANSWER LINK TO TEXT

LINK TO TEXT Attempts: 2 of 9 used

(a2) Your answer is correct. 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

SHOW ANSWER LINK TO TEXT

LINK TO TEXT Attempts: 2 of 9 used

(b) Your answer is partially correct. Try again. 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