Question

51.760.00 02.3 EX 67 FIFO and LIFO costs under perpetual inventory system The following is aan te were a ble for sale during the year tegning 30 First purch 16.000 515 13.00 5350 1 5176 11000538 Them es the percentual stem and there are in units of the c on lund at the end of the w h at is the total cost of the ending ting to FIFO and 3 EXE8 Weighted average cost flow method under perpetual inventory system The t o u r bem www alle forule during the calendar year ~ Toral Contof goods Y a 1000 units 18000 May Puncture 7750 nonta The Common the welehrted average cont method with a perpetual imamey istem Determine the con il pooch sold for each sale and the inventor balance after each le Press 3 EX 6 The fo Welche average cost low method under perpetual inventory system O u rticularm w e re during the calendar year Total Cost 6.000 524 11 ch . 0 525 There the c o st method with sectual Denemine the cost of goods sold for each sake and the inventory balance after each sole. Pros in the i r

Answer 1

Solution E6-7) Total cost of the ending inventory:

FIFO: $1,830,400

LIFO: $1,760,000

Working:

FIFO
Date	Purchases			Sales			Cost
	Units	Per unit	Total cost	Units	Per unit	Total sales	Units	Per unit	Total
Beginning of the year	7200	160	1,152,000				7200	160	1,152,000
During the year				4800	160	768,000	2400	160	384,000
	16000	168	2,688,000				2400	160	384,000
							16000	168	2,688,000
				2400	160	384,000
				9600	168	1,612,800	6400	168	1,075,200
	15,000	176	2,640,000				6400	168	1,075,200
							15,000	176	2,640,000
				6400	168	1,075,200
				4600	176	809,600	10,400	176	1,830,400
End of year							10,400	176	1,830,400
LIFO
Date	Purchases			Sales			Cost
	Units	Per unit	Total cost	Units	Per unit	Total sales	Units	Per unit	Total
Beginning of the year	7200	160	1,152,000				7200	160	1,152,000
During the year				4800	160	768,000	2400	160	384,000
	16000	168	2,688,000				2400	160	384,000
							16000	168	2,688,000
				12000	168	2,016,000	2400	160	384,000
							4000	168	672,000
	15,000	176	2,640,000				2400	160	384,000
							4000	168	672,000
							15000	176	2,640,000
				11000	176	1,936,000	2400	160	384,000
							4000	168	672,000
							4000	176	704,000
End of year							10,400		1,830,400

As per policy we have to answer first question