Homework Answers
a.
| Inventory as per FIFO | ||||
| 2018 | Date of Purchase | Units | Rate | Value |
| Opening Inventory | Opening Inventory | 45 | $350.00 | $15,750.00 |
| Purchases | ||||
| 01/20 | 25 | $360.00 | $9,000.00 | |
| 02/15 | 20 | $375.00 | $7,500.00 | |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| Sales | Opening Inventory | 45 | $350.00 | $15,750.00 |
| 01/20 | 25 | $360.00 | $9,000.00 | |
| Closing Inventory as on 31/12/2018 | 02/15 | 20 | $375.00 | $7,500.00 |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| Total | $21,150.00 | |||
| 2019 | ||||
| Opening Inventory | 02/15 | 20 | $375.00 | $7,500.00 |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| Purchases | ||||
| 01/22 | 30 | $395.00 | $11,850.00 | |
| 02/25 | 25 | $400.00 | $10,000.00 | |
| 10/01 | 40 | $435.00 | $17,400.00 | |
| Sales | 02/15 | 20 | $375.00 | $7,500.00 |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| 01/22 | 30 | $395.00 | $11,850.00 | |
| 02/25 | 5 | $400.00 | $2,000.00 | |
| Closing Inventory as on 31/12/2019 | 02/25 | 20 | $400.00 | $8,000.00 |
| 10/01 | 40 | $435.00 | $17,400.00 | |
| Total | $25,400.00 | |||
b.
| Inventory as per Average cost method | ||||
| 2018 | Date of Purchase | Units | Rate | Value |
| Opening Inventory | Opening Inventory | 45 | $350.00 | $15,750.00 |
| Purchases | 01/20 | 25 | $360.00 | $9,000.00 |
| 02/15 | 20 | $375.00 | $7,500.00 | |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| Average cost | 125 | $367.20 | $45,900.00 | |
| Sales | 70 | $367.20 | $25,704.00 | |
| Closing Inventory as on 31/12/2018 | Closing Inventory as on 31/12/2018 | 55 | $367.20 | $20,196.00 |
| Total | $20,196.00 | |||
| 2019 | ||||
| Opening Inventory | Opening Inventory | 55 | $367.20 | $20,196.00 |
| Purchases | 01/22 | 30 | $395.00 | $11,850.00 |
| 02/25 | 25 | $400.00 | $10,000.00 | |
| 10/01 | 40 | $435.00 | $17,400.00 | |
| 150 | $396.31 | $59,446.00 | ||
| Sales | Average cost | 90 | $396.31 | $35,667.60 |
| Closing Inventory as on 31/12/2019 | Closing Inventory as on 31/12/2019 | 60 | $396.31 | $23,778.40 |
| Total | $23,778.40 | |||
c.
| Inventory as per LIFO | ||||
| 2018 | Date of Purchase | Units | Rate | Value |
| Opening Inventory | Opening Inventory | 45 | $350.00 | $15,750.00 |
| Purchases | ||||
| 01/20 | 25 | $360.00 | $9,000.00 | |
| 02/15 | 20 | $375.00 | $7,500.00 | |
| 10/05 | 35 | $390.00 | $13,650.00 | |
| Sales | 10/05 | 35 | $390.00 | $13,650.00 |
| 02/15 | 20 | $375.00 | $7,500.00 | |
| 01/20 | 15 | $360.00 | $5,400.00 | |
| Closing Inventory as on 31/12/2018 | 01/20 | 10 | $360.00 | $3,600.00 |
| Opening Inventory | 45 | $350.00 | $15,750.00 | |
| Total | $19,350.00 | |||
| 2019 | ||||
| Opening Inventory | 01/20 | 10 | $360.00 | $3,600.00 |
| Opening Inventory 2018 | 45 | $350.00 | $15,750.00 | |
| Purchases | ||||
| 01/22 | 30 | $395.00 | $11,850.00 | |
| 02/25 | 25 | $400.00 | $10,000.00 | |
| 10/01 | 40 | $435.00 | $17,400.00 | |
| Sales | 10/01 | 40 | $435.00 | $17,400.00 |
| 02/25 | 25 | $400.00 | $10,000.00 | |
| 01/22 | 25 | $395.00 | $9,875.00 | |
| Closing Inventory as on 31/12/2019 | 01/22 | 5 | $395.00 | $1,975.00 |
| 01/20 | 10 | $360.00 | $3,600.00 | |
| Opening Inventory 2018 | 45 | $350.00 | $15,750.00 | |
| Total | $21,325.00 | |||
Add Answer to:
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help Alta Ski Company's inventory records contained the following information regarding its latest ski model. The...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
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Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
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units at $40; expenses (excluding income taxes), $184,500; ending
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units; sales, 8,200 units; sales price per unit, $75; and average
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help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
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