Homework Answers
| Ending Inventory | ||||||||||||
| FIFO | 7080 | |||||||||||
| LIFO | 8010 | |||||||||||
| Weighted | 7545.6 | |||||||||||
| Cost of goods sold = opening inventory + Purchase - Ending inventory | ||||||||||||
| FIFO | 2790+(4800+4200)-7080 = 4710 | |||||||||||
| LIFO | 2790+(4800+4200)-8010 = 3780 | |||||||||||
| Weighted | 2790+(4800+4200)-7545.6 = 4244.4 | |||||||||||
| Working Note | ||||||||||||
| FIFO | ||||||||||||
| Inwards | Outwards | Balance | ||||||||||
| unit | unit cost | Total cost | unit | unit cost | Total cost | unit | unit cost | Total cost | ||||
| Mar-01 | Begging inventory | 100 | 27.9 | 2790 | ||||||||
| Mar-06 | Purchase | 200 | 24 | 4800 | ||||||||
| Mar-10 | Purchase | 200 | 21 | 4200 | ||||||||
| Mar-15 | Sales | 100 | 27.9 | 2790 | ||||||||
| 80 | 24 | 1920 | ||||||||||
| 180 | 4710 | 120 | 24 | 2880 | ||||||||
| 200 | 21 | 4200 | ||||||||||
| 320 | 7080 | |||||||||||
| LIFO | ||||||||||||
| Inwards | Outwards | Balance | ||||||||||
| unit | unit cost | Total cost | unit | unit cost | Total cost | unit | unit cost | Total cost | ||||
| Mar-01 | Begging inventory | 100 | 27.9 | 2790 | ||||||||
| Mar-06 | Purchase | 200 | 24 | 4800 | ||||||||
| Mar-10 | Purchase | 200 | 21 | 4200 | ||||||||
| Mar-15 | Sales | 180 | 21 | 3780 | ||||||||
| 180 | 3780 | 100 | 27.9 | 2790 | ||||||||
| 200 | 24 | 4800 | ||||||||||
| 20 | 21 | 420 | ||||||||||
| 320 | 8010 | |||||||||||
| Weighted Average | ||||||||||||
| Inwards | Outwards | Balance | ||||||||||
| unit | unit cost | Total cost | unit | unit cost | Total cost | unit | unit cost | Total cost | ||||
| Mar-01 | Begging inventory | 100 | 27.9 | 2790 | ||||||||
| Mar-06 | Purchase | 200 | 24 | 4800 | ||||||||
| Mar-10 | Purchase | 200 | 21 | 4200 | ||||||||
| 500 | 23.58 | 11790 | ||||||||||
| Mar-15 | Sales | 180 | 23.58 | 4244.4 | ||||||||
| 180 | 4244.4 | 320 | 23.58 | 7545.6 | ||||||||
| 320 | 7545.6 | |||||||||||
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