Homework Answers
2)Under LIFO method ,units acquired last are sold first.
| LIFO | |||||||||
| PURCHASE | COST OF GOODS SOLD | INVENTORY AT END | |||||||
| Units | Unit cost | Total | Units | Unit cost | Total | Units | Unit cost | Total | |
| Aug 1 | 18 | 200 | 3600 | ||||||
| Aug 2 | 6 | 210 | 1260 | 18 | 200 | 3600 | |||
| 6 | 210 | 1260 | |||||||
| Aug 8 | 6 | 210 | 1260 | ||||||
| 2 | 200 | 400 | 18-2=16 | 200 | 3200 | ||||
| Aug 15 | 10 | 222 | 2220 | 16 | 200 | 3200 | |||
| 10 | 222 | 2220 | |||||||
| Aug 27 | 10 | 222 | 2220 | ||||||
| 5 | 200 | 1000 | 16-5=11 | 200 | 2200 | ||||
| Total | 4880 | 2200 | |||||||
cost of ending inventory : 2200
cost of goods sold : 4880
3)
| Date | Account title | Debit | credit |
| a | Raw Material inventory | 62000 | |
| Accounts payable | 62000 | ||
| b | work in process inventory | 58500 | |
| Raw material inventory | 58500 | ||
| c | Raw material inventory | 1200 | |
| work in process inventory | 1200 | ||
| d | Manufacturing overhead | 3600 | |
| Raw material inventory | 3600 | ||
| e | Raw material inventory | 550 | |
| Manufacturing overhead | 550 | ||
| f | Raw material over/(short) | 200 | |
| Raw material inventory | 200 |
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