Some of the information found on a detail inventory card for Sage Inc. for the f

Question

Some of the information found on a detail inventory card for Sage Inc. for the first month of operations is as follows.

Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

1,000

1. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be the amount of the ending inventory?

*THIS IS A PERPETUAL INVENTORY RECORD SYSTEM. Everyone keeps giving me the periodic answers. I need PERPETUAL. Please help me, my teacher did not go over this in class.

Received

Date

No. of Units

Unit Cost

Issued,
No. of Units

Balance,
No. of Units

January 2 1,600 $4.65 1,600 7 1,100 500 10 1,000 4.96 1,500 13 900 600 18 1,400 5.12 700 1,300 20 1,100 200 23 1,700 5.27 1,900 26 1,200 700 28 2,000 5.43 2,700 31 1,700

1,000

Explanation / Answer

FIFO (Perpetual inventory method) Received Issued Balance Date Units Rate Amount Units Rate Amount Units Rate Amount Total of balances 2-Jan 1600 4.65 7440 1600 4.65 7440 7-Jan 1100 4.65 5115 500 4.65 2325 10-Jan 1000 4.96 4960 500 4.65 2325 1000 4.96 4960 7285 13-Jan 500 4.65 2325 400 4.96 1984 600 4.96 2976 18-Jan 1400 5.12 7168 600 4.96 2976 100 5.12 512 1300 5.12 6656 20-Jan 1100 5.12 5632 200 5.12 1024 23-Jan 1700 5.27 8959 200 5.12 1024 1700 5.27 8959 9983 26-Jan 200 5.12 1024 1000 5.27 5270 700 5.27 3689 28-Jan 2000 5.43 10860 700 5.27 3689 2000 5.43 10860 14549 31-Jan 700 5.27 3689 1000 5.43 5430 1000 5.43 5430 FIFO Ending inventory     =     5430 LIFO (Perpetual inventory method) Received Issued Balance Total of balances Date Units Rate Amount Units Rate Amount Units Rate Amount 2-Jan 1600 4.65 7440 1600 4.65 7440 7-Jan 1100 4.65 5115 500 4.65 2325 10-Jan 1000 4.96 4960 500 4.65 2325 1000 4.96 4960 7285 13-Jan 900 4.96 4464 500 4.65 2325 100 4.96 496 2821 18-Jan 1400 5.12 7168 700 5.12 3584 500 4.65 2325 100 4.96 496 700 5.12 3584 6405 20-Jan 100 4.96 496 700 5.12 3584 300 4.65 1395 200 4.65 930 23-Jan 1700 5.27 8959 200 4.65 930 1700 5.27 8959 9889 26-Jan 1200 5.27 6324 200 4.65 930 500 5.27 2635 3565 28-Jan 2000 5.43 10860 200 4.65 930 500 5.27 2635 2000 5.43 10860 14425 31-Jan 1700 5.43 9231 200 4.65 930 500 5.27 2635 300 5.43 1629 5194 LIFO Ending inventory       =    5194 WEIGHTED AVERAGE (Perpetual inventory method) Received Issued Balance Date Units Rate Amount Units Rate Amount Units Rate Amount 2-Jan 1600 4.65 7440 1600 4.65 7440 7-Jan 1100 4.65 5115 500 4.65 2325 10-Jan 1000 4.96 4960 1500 4.86 7285 13-Jan 900 4.86 4374 600 4.85 2911 18-Jan 1400 5.12 7168 700 4.85 3395 1300 5.14 6684 20-Jan 1100 5.14 5654 200 5.15 1030 23-Jan 1700 5.27 8959 1900 5.26 9989 26-Jan 1200 5.26 6312 700 5.25 3677 28-Jan 2000 5.43 10860 2700 5.38 14537 31-Jan 1700 5.38 9146 1000 5.39 5391 WEIGHTED AVERAGE Ending inventory     =   5391 *Rates are calculated by dividing of units of balance in amount of balance.

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