Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units
ID: 2568712 • Letter: R
Question
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
LINK TO TEXT
LINK TO TEXT
(1)
FIFO
(2)
LIFO
(3)
Average-cost
LINK TO TEXT
LINK TO TEXT
(1)
FIFO
(2)
LIFO
(3)
Average-cost
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
Explanation / Answer
a. First in, first out FIFO (Perpectual) Units Cost per Unit Total Beginning Inventory 0 $ - $ - Purchase as on Jan-02 1500 $ 4.11 $ 6,165.00 Cost of Goods Sold on Jan-07 From Jan-02 Inventory 1000 $ 4.11 $ 4,110.00 Balance Inventory in Hand From Jan-02 Inventory 500 $ 4.11 $ 2,055.00 Purchase as on Jan-10 900 $ 4.38 $ 3,942.00 Cost of Goods Sold on Jan-13 From Jan-02 Inventory 500 $ 4.11 $ 2,055.00 From Jan-10 Inventory 300 $ 4.38 $ 1,314.00 Balance Inventory in Hand From Jan-10 Inventory 600 $ 4.38 $ 2,628.00 Purchase as on Jan-18 1300 $ 4.52 $ 5,876.00 Cost of Goods Sold on Jan-18 From Jan-10 Inventory 600 $ 4.38 $ 2,628.00 Balance Inventory in Hand From Jan-18 Inventory 1300 $ 4.52 $ 5,876.00 Cost of Goods Sold on Jan-20 From Jan-18 Inventory 1100 $ 4.52 $ 4,972.00 Balance Inventory in Hand From Jan-18 Inventory 200 $ 4.52 $ 904.00 Purchase as on Jan-23 1600 $ 4.66 $ 7,456.00 Cost of Goods Sold on Jan-26 From Jan-18 Inventory 200 $ 4.52 $ 904.00 From Jan-23 Inventory 900 $ 4.66 $ 4,194.00 Balance Inventory in Hand From Jan-23 Inventory 700 $ 4.66 $ 3,262.00 Purchase as on Jan-28 1900 $ 4.80 $ 9,120.00 Cost of Goods Sold on Jan-31 From Jan-23 Inventory 700 $ 4.66 $ 3,262.00 From Jan-28 Inventory 900 $ 4.80 $ 4,320.00 Balance Inventory in Hand From Jan-28 Inventory 1000 $ 4.80 $ 4,800.00 Total Purchases 7200 $ 32,559.00 Total Cost of Goods Sold 6200 $ 27,759.00 Ending Inventory From Jan-28 Inventory 1000 $ 4.80 $ 4,800.00 Total Ending Inventory 1000 $ 4,800.00 b. Larst-in first-out LIFO (Perpectual) Units Cost per Unit Total Beginning Inventory 0 $ - $ - Purchase as on Jan-02 1500 $ 4.11 $ 6,165.00 Cost of Goods Sold on Jan-07 From Jan-02 Inventory 1000 $ 4.11 $ 4,110.00 Balance Inventory in Hand From Jan-02 Inventory 500 $ 4.11 $ 2,055.00 Purchase as on Jan-10 900 $ 4.38 $ 3,942.00 Cost of Goods Sold on Jan-13 From Jan-10 Inventory 800 $ 4.38 $ 3,504.00 Balance Inventory in Hand From Jan-02 Inventory 500 $ 4.11 $ 2,055.00 From Jan-10 Inventory 100 $ 4.38 $ 438.00 Purchase as on Jan-18 1300 $ 4.52 $ 5,876.00 Cost of Goods Sold on Jan-18 From Jan-10 Inventory 600 $ 4.52 $ 2,712.00 Balance Inventory in Hand From Jan-02 Inventory 500 $ 4.11 $ 2,055.00 From Jan-10 Inventory 100 $ 4.38 $ 438.00 From Jan-18 Inventory 700 $ 4.52 $ 3,164.00 Cost of Goods Sold on Jan-20 From Jan-18 Inventory 700 $ 4.52 $ 3,164.00 From Jan-10 Inventory 100 $ 4.38 $ 438.00 From Jan-02 Inventory 300 $ 4.11 $ 1,233.00 Balance Inventory in Hand From Jan-02 Inventory 200 $ 4.11 $ 822.00 Purchase as on Jan-23 1600 $ 4.66 $ 7,456.00 Cost of Goods Sold on Jan-26 From Jan-23 Inventory 1100 $ 4.66 $ 5,126.00 Balance Inventory in Hand From Jan-02 Inventory 200 $ 4.11 $ 822.00 From Jan-23 Inventory 500 $ 4.66 $ 2,330.00 Purchase as on Jan-28 1900 $ 4.80 $ 9,120.00 Cost of Goods Sold on Jan-31 From Jan-28 Inventory 1600 $ 4.80 $ 7,680.00 Balance Inventory in Hand From Jan-02 Inventory 200 $ 4.11 $ 822.00 From Jan-23 Inventory 500 $ 4.66 $ 2,330.00 From Jan-28 Inventory 300 $ 4.80 $ 1,440.00 Total Purchases 7200 $ 32,559.00 Total Cost of Goods Sold 6200 $ 27,967.00 Ending Inventory From Jan-02 Inventory 200 $ 4.11 $ 822.00 From Jan-23 Inventory 500 $ 4.66 $ 2,330.00 From Jan-28 Inventory 300 $ 4.80 $ 1,440.00 Total Ending Inventory 1000 $ 4,592.00 c. Wighted Average Cost Wighted Average Cost (Periodic) Units Cost per Unit Total Beginning Inventory 0 $ - $ - Purchase as on Jan-02 1,500 $ 4.1100 $ 6,165.00 Sale as on Jan-07 1,000 $ 4.1100 $ 4,110.00 Balance 500 $ 4.1100 $ 2,055.00 Purchase as on Jan-10 900 $ 4.3800 $ 3,942.00 Average Cost 1,400 $ 4.2836 $ 5,997.00 Sale as on Jan-13 800 $ 4.2836 $ 3,426.86 Balance 600 $ 4.2836 $ 2,570.14 Purchase as on Jan-18 1,300 $ 4.5200 $ 5,876.00 Average Cost 1,900 $ 4.4453 $ 8,446.14 Sale as on Jan-18 600 $ 4.4453 $ 2,667.20 Sale as on Jan-20 1,100 $ 4.4453 $ 4,889.87 Balance 200 $ 4.4453 $ 889.07 Purchase as on Jan-23 1,600 $ 4.6600 $ 7,456.00 Average Cost 1,800 $ 4.6361 $ 8,345.07 Sale as on Jan-26 1,100 $ 4.6361 $ 5,099.76 Balance 700 $ 4.6361 $ 3,245.30 Purchase as on Jan-28 1,900 $ 4.8000 $ 9,120.00 Average Cost 2,600 $ 4.7559 $ 12,365.30 Sale as on Jan-31 1,600 $ 4.7559 $ 7,609.42 Balance 1,000 $ 4.7559 $ 4,755.89 Total Purchases 7,200 $ 32,559.00 Cost of Goods Sold 6,200 $ 27,803.11 Ending Inventory 1,000 $ 4.7559 $ 4,755.89 Average Cost per Unit = Total Cost / Total Unit Average Cost of Purchase per Unit = Total Purchases / Total Units Purchased Average Cost of Purchase per Unit = $32,559 / 7,200 = $4.522 Average Cost of Goods Sold per Unit = Total Cost of Goods Sold / Total Units Sold FIFO LIFO Weighted Average Cost Total Cost of Goods Sold $ 27,759.00 $ 27,967.00 $ 27,803.11 Total Units Sold 6,200 6,200 6,200 Average Cost of Goods Sold per Unit $ 4.4773 $ 4.5108 $ 4.4844 Ending Inventory FIFO LIFO Weighted Average Cost Ending Inventory in units 1,000 1,000 1,000 FIFO LIFO Weighted Average Cost Ending Inventory in units No No No Ending Inventory in $ $ 4,800.00 $ 4,592.00 $ 4,755.89
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