Some of the information found on a detail inventory card for
Ayayai Inc. for the first month of operations is as
follows.
Received |
||||||||
Date |
No. of Units |
Unit Cost |
Issued, |
Balance, |
||||
January 2 | 1,600 | $3.75 | 1,600 | |||||
7 | 1,100 | 500 | ||||||
10 | 1,000 | 4.00 | 1,500 | |||||
13 | 900 | 600 | ||||||
18 | 1,400 | 4.13 | 700 | 1,300 | ||||
20 | 1,100 | 200 | ||||||
23 | 1,700 | 4.25 | 1,900 | |||||
26 | 1,200 | 700 | ||||||
28 | 2,000 | 4.38 | 2,700 | |||||
31 | 1,700 | 1,000 |
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory?
Solution:
Computation of ending inventory COGS under FIFO - Ayayai Inc. | ||||||||||||
Date | Beginning Inventory | Purchase | Issue | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
2-Jan | 0 | $0.00 | $0.00 | 1600 | $3.75 | $6,000.00 | 0 | $0.00 | $0.00 | 1600 | $3.75 | $6,000.00 |
7-Jan | 1600 | $3.75 | $6,000.00 | 0 | $0.00 | $0.00 | 1100 | $3.75 | $4,125.00 | 500 | $3.75 | $1,875.00 |
10-Jan | 500 | $3.75 | $1,875.00 | 1000 | $4.00 | $4,000.00 | 0 | $0.00 | $0.00 | 500 | $3.75 | $1,875.00 |
1000 | $4.00 | $4,000.00 | ||||||||||
13-Jan | 500 | $3.75 | $1,875.00 | 0 | $0.00 | $0.00 | 500 | $3.75 | $1,875.00 | 600 | $4.00 | $2,400.00 |
1000 | $4.00 | $4,000.00 | 400 | $4.00 | $1,600.00 | |||||||
18-Jan | 600 | $4.00 | $2,400.00 | 1400 | $4.13 | $5,782.00 | 600 | $4.00 | $2,400.00 | 1300 | $4.13 | $5,369.00 |
100 | $4.13 | $413.00 | ||||||||||
20-Jan | 1300 | $4.13 | $5,369.00 | 0 | $0.00 | $0.00 | 1100 | $4.13 | $4,543.00 | 200 | $4.13 | $826.00 |
23-Jan | 200 | $4.13 | $826.00 | 1700 | $4.25 | $7,225.00 | 0 | $0.00 | $0.00 | 200 | $4.13 | $826.00 |
1700 | $4.25 | $7,225.00 | ||||||||||
26-Jan | 200 | $4.13 | $826.00 | 0 | $0.00 | $0.00 | 200 | $4.13 | $826.00 | 700 | $4.25 | $2,975.00 |
1700 | $4.25 | $7,225.00 | 1000 | $4.25 | $4,250.00 | |||||||
28-Jan | 700 | $4.25 | $2,975.00 | 2000 | $4.38 | $8,760.00 | 0 | $0.00 | $0.00 | 700 | $4.25 | $2,975.00 |
2000 | $4.38 | $8,760.00 | ||||||||||
31-Jan | 700 | $4.25 | $2,975.00 | 0 | $0.00 | $0.00 | 700 | $4.25 | $2,975.00 | 1000 | $4.38 | $4,380.00 |
2000 | $4.38 | $8,760.00 | 1000 | $4.38 | $4,380.00 | |||||||
Total | 6700 | $27,387.00 | 1000 | $4,380.00 |
Computation of ending inventory COGS under LIFO - Ayayai Inc. | ||||||||||||
Date | Beginning Inventory | Purchase | Issue | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
2-Jan | 0 | $0.00 | $0.00 | 1600 | $3.75 | $6,000.00 | 0 | $0.00 | $0.00 | 1600 | $3.75 | $6,000.00 |
7-Jan | 1600 | $3.75 | $6,000.00 | 0 | $0.00 | $0.00 | 1100 | $3.75 | $4,125.00 | 500 | $3.75 | $1,875.00 |
10-Jan | 500 | $3.75 | $1,875.00 | 1000 | $4.00 | $4,000.00 | 0 | $0.00 | $0.00 | 500 | $3.75 | $1,875.00 |
1000 | $4.00 | $4,000.00 | ||||||||||
13-Jan | 500 | $3.75 | $1,875.00 | 0 | $0.00 | $0.00 | 900 | $4.00 | $3,600.00 | 500 | $3.75 | $1,875.00 |
1000 | $4.00 | $4,000.00 | 100 | $4.00 | $400.00 | |||||||
18-Jan | 500 | $3.75 | $1,875.00 | 1400 | $4.13 | $5,782.00 | 700 | $4.13 | $2,891.00 | 500 | $3.75 | $1,875.00 |
100 | $4.00 | $400.00 | 100 | $4.00 | $400.00 | |||||||
700 | $4.13 | $2,891.00 | ||||||||||
20-Jan | 500 | $3.75 | $1,875.00 | 0 | $0.00 | $0.00 | 700 | $4.13 | $2,891.00 | 200 | $3.75 | $750.00 |
100 | $4.00 | $400.00 | 100 | $4.00 | $400.00 | |||||||
700 | $4.13 | $2,891.00 | 300 | $3.75 | $1,125.00 | |||||||
23-Jan | 200 | $3.75 | $750.00 | 1700 | $4.25 | $7,225.00 | 0 | $0.00 | $0.00 | 200 | $3.75 | $750.00 |
1700 | $4.25 | $7,225.00 | ||||||||||
26-Jan | 200 | $3.75 | $750.00 | 0 | $0.00 | $0.00 | 1200 | $4.25 | $5,100.00 | 200 | $3.75 | $750.00 |
1700 | $4.25 | $7,225.00 | 500 | $4.25 | $2,125.00 | |||||||
28-Jan | 200 | $3.75 | $750.00 | 2000 | $4.38 | $8,760.00 | 0 | $0.00 | $0.00 | 200 | $3.75 | $750.00 |
500 | $4.25 | $2,125.00 | 500 | $4.25 | $2,125.00 | |||||||
2000 | $4.38 | $8,760.00 | ||||||||||
31-Jan | 200 | $3.75 | $750.00 | 0 | $0.00 | $0.00 | 1700 | $4.38 | $7,446.00 | 200 | $3.75 | $750.00 |
500 | $4.25 | $2,125.00 | 500 | $4.25 | $2,125.00 | |||||||
2000 | $4.38 | $8,760.00 | 300 | $4.38 | $1,314.00 | |||||||
Total | 6700 | $27,578.00 | 1000 | $4,189.00 |
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