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Part B The following information relates to the inventory of badminton racquets in the records of Homestay Ltd for the month

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Answer #1

(i) $3160

Explanation

FIFO
Date Purchases sales Balance
01-May Beginning inventory 20 units @$150 20 units @$150
05-May 12 units @$150 8 units @ $150
08-May 28 units @$160 8 units @ $150      28 units@$160
20-May 8 units @$150 + 4 units @$160 24 units @$160
25-May 12 units @$210 24 units @$160    12 units @$210
30-May 20 units @$160 4 units @$160       12 units @$210

(ii) $2480

Explanation

LIFO
Date Purchases sales Balance
01-May Beginning inventory 20 units @$150 20 units @$150
05-May 12 units @$150 8 units @ $150
08-May 28 units @$160 8 units @ $150      28 units@$160
20-May 12 units @$160 8 units @ $150 16 units @$160
25-May 12 units @$210 8 units @ $150 16 units @$160 12 units @$210
30-May 12 units @$210+8 units @$160 8 units @ $150   8 units @$160
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