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[solved] Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales Apr 1 Apr 4 Apr 11 Apr 18 Apr 26 Apr...


I need help?Last in First out (LIFO)?( use perpetual method). Thanks


Hull Company?s record of transactions concerning part X for the month of April was as follows.

 

Purchases

 

Sales

 

Apr 1

 

Apr 4

 

Apr 11

 

Apr 18

 

Apr 26

 

Apr 30

 

Instructions: Last in First out (

 

LIFO)(perpetual) (Balance on hand) Quantity: Unit Cost:

 

110

 

$5.00

 

420

 

5.20

 

280

 

5.30

 

210

 

5.40

 

500

 

5.50

 

260

 

5.70 Apr 5

 

Apr 12

 

Apr 27

 

Apr 28 Quantity:

 

300

 

200

 

800

 

200 (3) Average Cost. Presented below is information related to Meghani Company.

 

Ending

 

Date

 

Inventory

 

(End-of-Year) (FIFO)

 

Price Index

 

2015

 

$168,000

 

100

 

2016

 

210,500

 

106

 

2017

 

218,500

 

115

 

2018

 

242,500

 

125

 

2019

 

283,500

 

135

 

2020

 

310,800

 

160

 

Instructions: Compute the ending inventory for Meghani Company for 2015 through 2020 using the dollar-value LIFO method. Year

 

2015 Inventory at

 

end-of-year

 

Inventory at

 

prices

 

Price Indexbase-year price Layers

 

1 2016 1.07 2017 1.15 2018 1.25 2019 1.35 2020 1.5 Journal entries

 

2016 Index Value LIFO 2017 2018 2019 2020 the dollar-value LIFO method. Value LIFO Total FIFO Reserve

 


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