Question

Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 672 1,680 8 896 0 1,344 784 $6.00 6.08 6.41 6.51 6.61 Sales April 3 560 9 1,568 @ 11 672 23 1,344 2 7 1,008 @ $11.00 11.00 12.00 12.00 13.00 560 6. 79 5 ,152 5,936 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit per unit LINK TO TEXT Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to o decimal places, e.g. 2,760.) LIFO

Answer 1

1)

Date	Qty	Price	Amount
Apr-01	672.00	6.00	4,032.00
Apr-04	1,680.00	6.08	10,214.40
Apr-08	896.00	6.41	5,743.36
Apr-13	1,344.00	6.51	8,749.44
Apr-21	784.00	6.61	5,182.24
Apr-28	560.00	6.79	3,802.40
Total	5,936.00		37,723.84
Average Cost Per unit			6.36

2)LIFO

= 672 x 6 = 4,032

=112 x 6.08 = 680.96

=4,032 + 680.96 = 4,712.96

Average Cost

=784 x 6.36 = 4,986.24

3)FIFO

=560 x 6.79 = 3,802.40

=224 x 6.61 = 1,480.64

= 3,802.40 + 1,480.64 = 5,283.05

LIFO

Date	Qty	Price	Amount
Apr-01	112.00	6.00	672.00
Apr-04	112.00	6.08	680.96
Apr-28	560.00	6.79	3,802.40
Total	784.00		5,155.36

4)

Total merchandise available for sale	37,723.84
Less inventory (FIFO)	5,283.05
Cost of goods sold	32,440.79

5)FIFO