Homework Answers
| LIFO METHOD | ||||||||||
| COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
| Date | Particulars | No. of Units | Cost Per unit | Total | No. of Units | Cost Per unit | Cost of Goods Sold | No. of Units | Cost Per unit | Ending invetory |
| Jan, 01 | Beginning inventory | 3000 | $ 38.00 | $1,14,000 | ||||||
| February, 14 | 900 | $ 39.00 | $35,100 | 3000 | $ 38.00 | $1,14,000 | ||||
| 900 | $ 39.00 | $35,100 | ||||||||
| March , 18 | 2400 | $ 40.00 | $96,000 | 3000 | $ 38.00 | $1,14,000 | ||||
| 900 | $ 39.00 | $35,100 | ||||||||
| 2400 | $ 40.00 | $96,000 | ||||||||
| April, 15 | Sales | 2400 | $ 40.00 | $96,000 | ||||||
| 400 | $ 39.00 | $15,600 | 3000 | $ 38.00 | $1,14,000 | |||||
| 500 | $ 39.00 | $19,500 | ||||||||
| July, 21 | Purchases | 1800 | $ 40.30 | $72,540 | 3000 | $ 38.00 | $1,14,000 | |||
| 500 | $ 39.00 | $19,500 | ||||||||
| 1800 | $ 40.30 | $72,540 | ||||||||
| August , 20 | Sales | 1800 | $ 40.30 | $72,540 | ||||||
| 200 | $ 39.00 | $7,800 | 3000 | $ 38.00 | $1,14,000 | |||||
| 300 | $ 39.00 | $11,700 | ||||||||
| September, 27 | Purchases | 1800 | $ 40.60 | $73,080 | 3000 | $ 38.00 | $1,14,000 | |||
| 300 | $ 39.00 | $11,700 | ||||||||
| 1800 | $ 40.60 | $73,080 | ||||||||
| October, 03 | Sales | 1500 | $ 40.60 | $60,900 | 3000 | $ 38.00 | $1,14,000 | |||
| 300 | $ 39.00 | $11,700 | ||||||||
| 300 | $ 40.60 | $12,180 | ||||||||
| November, 05 | Purchases | 600 | $ 41.00 | $24,600 | 3000 | $ 38.00 | $1,14,000 | |||
| 300 | $ 39.00 | $11,700 | ||||||||
| 300 | $ 40.60 | $12,180 | ||||||||
| 600 | $ 41.00 | $24,600 | ||||||||
| Total | 7,500 | $3,01,320 | 6,300 | $2,52,840 | 4,200 | $1,62,480 | ||||
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