On the 2/1 purchase ...On the 5/6 purchase...On the 9/18purchase......Quantity o
ID: 2458099 • Letter: O
Question
On the 2/1 purchase ...On the 5/6 purchase...On the 9/18purchase......Quantity on hand 12/31/Fuse-5,000 @ 1.20........2,500 @1.24.........1,000 @1.33............................. 2,481 Case-1,500 @ 2.30.......1,000 @ 2.32...........985 @2.35..............................1,304 Gear-700 @ 4.10.............600 @ 4.15...........385@4.31................................580 Bolt 10,000 @ .42.........5,965 @ .45 .........7,580 @.49...............................2,390 What is the ending inventory using both FIFO and LIFO. Please show the working. On the 2/1 purchase ...On the 5/6 purchase...On the 9/18purchase......Quantity on hand 12/31/
Fuse-5,000 @ 1.20........2,500 @1.24.........1,000 @1.33............................. 2,481 Case-1,500 @ 2.30.......1,000 @ 2.32...........985 @2.35..............................1,304 Gear-700 @ 4.10.............600 @ 4.15...........385@4.31................................580 Bolt 10,000 @ .42.........5,965 @ .45 .........7,580 @.49...............................2,390 What is the ending inventory using both FIFO and LIFO. Please show the working.
Explanation / Answer
Fuse 5,000 @ 1.20 6,000 2,500 @ 1.24 3,100 1,000@ 1.33 1,330 Goods available 10,430 Ending Inventory for Fuse Using FIFO 1,481 @ 1.24 1,836 1,000@1.33 1,330 3,166 Using LIFO 2,481 @ 1.20 2,977 Case 1,500 @ 2.30 3,450 1,000 @ 2.32 2,320 985 @2.35 2315 Goods available 8,085 Ending Inventory for Case Using FIFO 319 @ 2.32 740 985 @ 2.35 2,315 3,055 Using LIFO 1,304 @ 2.30 2,999 Gear 700 @ 4.10 2,870 600 @ 4.15 2,490 385 @ 4.31 1,659 Goods available 7,019 Ending Inventory for Gear Using FIFO 195 @ 4.15 809 385 @ 4.31 1,659 2,468 Using LIFO 580 @ 4.10 2,378 Ending Inventory for BOLT Using FIFO 2,390 @ 0.49 1,171 Using LIFO 2,390 @ 0.42 1,004
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