The following purchases and sales for Ripple Company are for April 2010. There was no inventory on April 1.
|
Purchases |
Sales |
|||
|
Units |
Unit Cost |
Units |
||
|
3-Apr |
3,200 |
@ $33.00 |
6-Apr |
1,500 |
|
10-Apr |
1,600 |
@ 34.00 |
12-Apr |
1,400 |
|
22-Apr |
2,000 |
@ 35.00 |
25-Apr |
2,300 |
|
28-Apr |
1,800 |
@ 36.00 |
||
a. Compute the ending inventory as of 2010 April 30, using perpetual inventory procedure, under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).
b. Repeat a using periodic inventory procedure.