Homework Answers
a) FIFO
Sales = Opening stock + purchase - C/O stock
= 100+(650+550+200)-350
= 1,150
Ending inventory = (150*41)+(200*39) = 13,950
Cost of goods sold = (100*49)+(650*45)+(400*41) = 50,550
b) Average cost:
Total cost = ((100*49)+(650*32)+(550*41)+(200*39))/1500
= 64500/1500 = 43
Ending inventory = 350*43 =15050
Cost of goods sold = 1150*43 =49450
c) LIFO
Ending inventory = (250*45)+(100*49) =16,150
COGS = (200*39)+(550*41)+(400*45)
=48350
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