Homework Answers
FIFO.METHOD ( FIRST IN FIRST OUT)
| Date. | particular | purchases | sales | balance (inventory). |
| qty | rate | amount | qty | rate | amount | qty | rate | amount | ||
| March 01 | beginning inventory | 900 | $7.28 | $6552 | ||||||
| March 10 | purchases | 510 | $7.78 | $3967.8 |
900 510 |
$7.28 $7.78 |
$6553 $3967.8 |
|||
| March 16 | purchases | 456 | $8.38 | $3821.28 |
900 510 456 |
$7.28 $7.78 $8.38 |
$6553 $3967.8 $3821.28 |
|||
| March 23 | purchases | 510 | $9.08 | $4630.8 |
900 510 456 510 |
$7.28 $7.78 $8.38 $9.08 |
$6552 $3967.8 $3821.28 $4630.8 |
|||
| March 31 | sold |
900 510 340 |
$7.28 $7.78 $8.38 |
$6552 $3967.8 $2849.2 |
116 510 |
$8.38 $9.08 |
$972.08 $4630.8 |
ENDING INVENTORY AS PER FIFO METHOD
116UNITS×$8.38=$972.08
510UNITS×$9.08=$4630.8
$972.08+$4630.8=5602.88
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