1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Homework Answers
Solution 1:
| Computation of ending inventory and Cost of Goods sold under FIFO (Perpetual) | |||||||||
| Date | Goods Purchased | Cost of goods sold | Inventory Balance | ||||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
| 1-Jan | 285 | $13.40 | $3,819.00 | ||||||
| 10-Jan | 250 | $13.40 | $3,350.00 | 35 | $13.40 | $469.00 | |||
| 14-Mar | 470 | $18.40 | $8,648.00 | 35 | $13.40 | $469.00 | |||
| 470 | $18.40 | $8,648.00 | |||||||
| 15-Mar | 35 | $13.40 | $469.00 | 105 | $18.40 | $1,932.00 | |||
| 365 | $18.40 | $6,716.00 | |||||||
| 30-Jul | 485 | $23.40 | $11,349.00 | 105 | $18.40 | $1,932.00 | |||
| 485 | $23.40 | $11,349.00 | |||||||
| 5-Oct | 105 | $18.40 | $1,932.00 | 130 | $23.40 | $3,042.00 | |||
| 355 | $23.40 | $8,307.00 | |||||||
| 26-Oct | 185 | $28.40 | $5,254.00 | 130 | $23.40 | $3,042.00 | |||
| 185 | $28.40 | $5,254.00 | |||||||
| Total | 1110 | $20,774.00 | 315 | $8,296.00 | |||||
Solution 2:
| Computation of ending inventory and Cost of Goods sold under LIFO (Perpetual) | |||||||||
| Date | Goods Purchased | Cost of goods sold | Inventory Balance | ||||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
| 1-Jan | 285 | $13.40 | $3,819.00 | ||||||
| 10-Jan | 250 | $13.40 | $3,350.00 | 35 | $13.40 | $469.00 | |||
| 14-Mar | 470 | $18.40 | $8,648.00 | 35 | $13.40 | $469.00 | |||
| 470 | $18.40 | $8,648.00 | |||||||
| 15-Mar | 400 | $18.40 | $7,360.00 | 35 | $13.40 | $469.00 | |||
| 70 | $18.40 | $1,288.00 | |||||||
| 30-Jul | 485 | $23.40 | $11,349.00 | 35 | $13.40 | $469.00 | |||
| 70 | $18.40 | $1,288.00 | |||||||
| 485 | $23.40 | $11,349.00 | |||||||
| 5-Oct | 460 | $23.40 | $10,764.00 | 35 | $13.40 | $469.00 | |||
| 70 | $18.40 | $1,288.00 | |||||||
| 25 | $23.40 | $585.00 | |||||||
| 26-Oct | 185 | $28.40 | $5,254.00 | 35 | $13.40 | $469.00 | |||
| 70 | $18.40 | $1,288.00 | |||||||
| 25 | $23.40 | $585.00 | |||||||
| 185 | $28.40 | $5,254.00 | |||||||
| Total | 1110 | $21,474.00 | 315 | $7,596.00 | |||||
Solution 3:
| Computation of Gross Margin | ||
| c) Gross Margin | FIFO | LIFO |
| Sales Revenue (1110*$43.40) | $48,174.00 | $48,174.00 |
| Less: Cost Of Goods sold | $20,774.00 | $21,474.00 |
| Gross Margin | $27,400.00 | $26,700.00 |
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