Concord Company’s record of transactions concerning part X for the month of April was as follows. Purchases   Sales April     1 (balance on hand)   240  @  $5.50   April     5   440 4     540  @  5.60   12   340 11     440  @  5.80   27   1,080 18     340  @  5.90   28   150 26     740  @  6.20         30     340  @  6.40           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.)

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A:

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Q: Hull Company's record of transactions concerning part X for the month of April was as follows.…

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A: Show formula version of the same sheet

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.