Homework Answers
Closing inventory under FIFO IS
2×500=1000
Closing inventory under LIFO
January 2 =1×402=402
January 15=1×500=500
Total=902
Closing inventory under moving average cost
| Inventory value per unit | Transaction calculatiot | Inventory | |
| Opening balance | 402 | 3×402=1206 | 1206 |
| January 2 sales | 402 | 2×402=804 | 402(1206-804) |
| January 10 | 500 | 6×500=3000 | 3402 |
| Average inventory | 487(3402/7) | 7×487=3402 | 3402 |
| January 15 | 487 | 5×487=2430 | 972(3402-2430) |
Closing inventory under moving average cost is 972
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