Hull Company's record of transactions concerning part X for the month of April was as...
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Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity: Unit Cost: Quantity: Apr 1 (Balance on hand) 110 $5.00 Apr 5 290 Apr 4 420 5.20 Apr 12 200 Apr 11 280 5.30 Apr 27 310 Apr 18 200 5.40 Instructions: (a) Compute the inventory at April 30 and the cost of goods sold during April on each of the following bases. Assume that periodic inventory records are kept. Carry unit costs to the nearest cent. (1) First-in, First-out, (FIFO). (2) Last-in, First-out, (LIFO). (3) Average cost (b) If the perpetual inventory record is kept (1) First-in, First-out, (FIFO). (2) Last-in, First-out, (LIFO). (3) Average Cost
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