BLANK Company’s record of transactions for the month of April
was as follows.
Purchases |
Sales |
||||||||||
April 1 | (balance on hand) | 708 | @ | $5.00 | April 3 | 590 | @ | $10.00 | |||
4 | 1,770 | @ | 5.09 | 9 | 1,652 | @ | 10.00 | ||||
8 | 944 | @ | 5.38 | 11 | 708 | @ | 11.00 | ||||
13 | 1,416 | @ | 5.48 | 23 | 1,416 | @ | 11.00 | ||||
21 | 826 | @ | 5.68 | 27 | 1,062 | @ | 12.00 | ||||
29 | 590 | @ | 5.87 | 5,428 | |||||||
6,254 |
Assuming that perpetual inventory records are kept in dollars,
determine the inventory using (1) FIFO and (2) LIFO.
(Round answer to 0 decimal places, e.g.
2,760.)
(1) |
(2) |
|||
Inventory | $ |
FIFO Method | ||||
Qty | Rate | Value | ||
01/04 | Opening | 708 | 5 | 3,540.00 |
03/04 | Sales | - 590 | 10 | - 5,900.00 |
Balance | 118 | 5 | 590.00 | |
04/04 | Purchases | 1,770 | 5.09 | 9,009.30 |
08/04 | Purchases | 944 | 5.38 | 5,078.72 |
09/04 | Sales | - 118 | 5 | - 590.00 |
Sales | - 1,534 | 5.09 | - 7,808.06 | |
Balance | 1,180 | 5.09 | 6,006.20 | |
11/04 | Sales | - 236 | 5 | - 1,201.24 |
Sales | - 472 | 5.38 | - 2,539.36 | |
Balance | 472 | 5.38 | 2,539.36 | |
13/04 | Purchases | 1,416 | 5.48 | 7,759.68 |
21/04 | Purchases | 826 | 6 | 4,691.68 |
23/04 | Sales | - 472 | 5.38 | - 2,539.36 |
- 944 | 5.48 | - 5,173.12 | ||
Balance | 472 | 5.48 | 2,586.56 | |
Balance | 826 | 6 | 4,691.68 | |
27/04 | Sales | - 472 | 5.48 | - 2,586.56 |
- 590 | 6.00 | - 3,540.00 | ||
29/04 | Purchases | 590 | 5.87 | 3,463.30 |
Balance | 236 | 6.00 | 1,416.00 | |
826 | 4.879.30 | |||
LIFO Method | ||||
Qty | Rate | Value | ||
01/04 | Opening | 708 | 5.00 | 3,540.00 |
03/04 | Sales | - 590 | 10.00 | - 5,900.00 |
Balance | 118 | 5.00 | 590.00 | |
04/04 | Purchases | 1,770 | 5.09 | 9,009.30 |
08/04 | Purchases | 944 | 5.38 | 5,078.72 |
09/04 | Sales | - 944 | 5.38 | - 5,078.72 |
Sales | - 708 | 5.09 | - 3,603.72 | |
Balance | 1,062 | 5.09 | 5,405.58 | |
Balance | 118 | 5 | 590.00 | |
11/04 | Sales | - 708 | 5.09 | - 3,603.72 |
Balance | 118 | 5 | 590.00 | |
Balance | 354 | 5.09 | 1,801.86 | |
13/04 | Purchases | 1416 | 5.48 | 7,759.68 |
21/04 | Purchases | 826 | 5.68 | 4,691.68 |
23/04 | Sales | - 826 | 5.68 | - 4,691.68 |
- 590 | 5.48 | - 3,233.20 | ||
Balance | 826 | 5.48 | 4,526.48 | |
Balance | 354 | 5.09 | 1,801.86 | |
Balance | 118 | 5 | 590.00 | |
27/04 | Sales | - 826 | 5.48 | - 4,526.48 |
Sales | - 236 | 5.09 | - 1,201.24 | |
Balance | 118 | 5.09 | 600.62 | |
Balance | 118 | 5 | 590.00 | |
29/04 | Purchases | 590 | 5.87 | 3,463.30 |
826 | 4,653.92 |
FIFO - $ 4,879.30
LIFO - $ 4,653.92
BLANK Company’s record of transactions for the month of April was as follows. Purchases Sales April...
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