Homework Answers
Answer
1. Value of ending inventory = $ 1,499
2. Value of COGS = $ 5,305
Calculations:
1.
| FIFO | |||||||||
| Particulars | Purchases | Issued | Balance | ||||||
| Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | |
| Opening balance | 310 | $ 4.00 | $ 1,240.00 | ||||||
| Purchase Jan 9 | 950 | $ 4.40 | $ 4,180 | 310 | $ 4.00 | $ 1,240.00 | |||
| 950 | $ 4.40 | $ 4,180.00 | |||||||
| Purchase Jan 19 | 225 | $ 5.00 | $ 1,125 | 310 | $ 4.00 | $ 1,240.00 | |||
| 950 | $ 4.40 | $ 4,180.00 | |||||||
| 225 | $ 5.00 | $ 1,125.00 | |||||||
| Sales | 310 | $ 4.00 | $ 1,240.00 | 85 | $ 4.40 | $ 374.00 | |||
| 865 | $ 4.40 | $ 3,806.00 | 225 | $ 5.00 | $ 1,125.00 | ||||
| Total | 1175 | $ 5,305 | 1175 | $ 5,046.00 | 310 | $ 1,499.00 | |||
2.
| LIFO | |||||||||
| Particulars | Purchases | Issued | Balance | ||||||
| Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | |
| Opening balance | 310 | $ 4.00 | $ 1,240.00 | ||||||
| Purchase Jan 9 | 950 | $ 4.40 | $ 4,180 | 310 | $ 4.00 | $ 1,240.00 | |||
| 950 | $ 4.40 | $ 4,180.00 | |||||||
| Purchase Jan 19 | 225 | $ 5.00 | $ 1,125 | 310 | $ 4.00 | $ 1,240.00 | |||
| 950 | $ 4.40 | $ 4,180.00 | |||||||
| 225 | $ 5.00 | $ 1,125.00 | |||||||
| Sales | 225 | $ 5.00 | $ 1,125.00 | 310 | $ 4.00 | $ 1,240.00 | |||
| 950 | $ 4.40 | $ 4,180.00 | |||||||
| Total | 1175 | $ 5,305 | 1175 | $ 5,305.00 | 310 | $ 1,240.00 | |||
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