Homework Answers
1) Inventory valuation under FIFO method :
| Date | Purchases | Purchases | Purchases | COGS | COGS | COGS | Inventory on hand | Inventory on hand | Inventory on hand |
| Quantity | unit cost | Total cost | Quantity | Unit cost | Total Cost | Quantity | Unit cost | Total cost | |
| July 2 | 10 | 1.60 | 16.0 | 10 | 1.60 | 16.00 | |||
| July 6 | 2 | 1.90 | 3.80 |
10 2 |
1.60 1.90 |
16.00 3.80 |
|||
| July 8 | 4 | 1.60 | 6.40 |
6 2 |
1.60 1.90 |
9.60 3.80 |
|||
| July 13 | 2 | 2.35 | 4.70 |
6 2 2 |
1.60 1.90 2.35 |
9.60 3.80 4.70 |
|||
| July 14 | 4 | 1.60 | 6.40 |
2 2 2 |
1.60 1.90 2.35 |
3.20 3.80 4.70 |
|||
| Total | 14 | 24.50 | 8 | 12.80 | 6 | $ 11.70 |
2) Inventory valuation under LIFO method :
| Date | Purchases | Purchases | Purchases | COGS | COGS | COGS | Invenyory on hand | inventory on hand | Inventory on hand |
| Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | |
| July 2 | 10 | 1.60 | 16.00 | 10 | 1.60 | 16.00 | |||
| July 6 | 2 | 1.90 | 3.80 |
10 2 |
1.60 1.90 |
16.00 3.80 |
|||
| July 8 |
2 2 |
1.90 1.60 |
3.80 3.20 |
8 | 1.60 | 12.80 | |||
| July 13 | 2 | 2.35 | 4.70 |
8 2 |
1.60 2.35 |
12.80 4.70 |
|||
| July 14 |
2 2 |
2.35 1.60 |
4.70 3.20 |
6 | 1.60 | 9.60 | |||
| Total | 14 | 24.50 | 8 | 14.90 | 6 | $ 9.60 |
3) Inventory valuation under Weighted average Method:
Weighted Average cost per unit of inventory = Total purchase cost / Total purchased units
Weighted average cost per unit of inventory = $ 24.50 / 14 = $ 1.75
Total units sold = 8
Cost of goods sold = $ 1.75 X 8 = $ 14
Ending inventory ( Units) = Total units purchased - Total units sold = 14 - 8 = 6 units
Ending inventory ( in dollars ) = 6 X $ 1.75 = $ 10.50
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