(a1) Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)
(a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
(b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.)
(b2) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory.(Hint: The beginning inventory is the base layer priced at $25 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)
Homework Answers
(a1)
| Date | Particulars | No. of units | Cost per unit | Amount |
| 20-07-20 | purchases | 50 | $ 31.00 | $ 1,550.00 |
| 02-12-20 | purchases | 195 | $ 37.00 | $ 7,215.00 |
| 245 | $ 35.78 | $ 8,765.00 | ||
| average cost per unit | $ 35.78 |
(a2)
(1) SPECIFIC IDENTIFICATION/(2) FIFO
| FIFO | Cost of goods available for sale | Cost of goods sold | Ending inventory | |||||||
| DATE | No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units in ending inventory | Cost per unit | Ending inventory | |
| 01-01-20 | Opening Stock | 195 | $ 24.0 | $ 4,680 | ||||||
| 15-03-20 | Purchases | 395 | $ 29.0 | $ 11,455 | ||||||
| 10-04-20 | Sales | 195 | $ 24.00 | $ 4,680 | ||||||
| 100 | $ 29.00 | $ 2,900 | ||||||||
| 295 | $ 29.00 | $ 8,555 | ||||||||
| 20-07-20 | Purchases | 395 | $ 31.0 | $ 12,245 | ||||||
| 20-08-20 | Sales | 295 | $ 29.00 | $ 8,555 | ||||||
| 100 | $ 31.00 | $ 3,100 | ||||||||
| 295 | $ 31.00 | $ 9,145 | ||||||||
| 04-09-20 | Purchases | 295 | $ 34.0 | $ 10,030 | ||||||
| 18-11-20 | Sales | 245 | $ 31.00 | $ 7,595 | ||||||
| 50 | $ 31.00 | $ 1,550 | ||||||||
| 295 | $ 34.00 | $ 10,030 | ||||||||
| 02-12-20 | Purchases | 195 | $ 37.0 | $ 7,215 | ||||||
| 12-12-20 | Sales | 50 | $ 31.00 | $ 1,550 | ||||||
| 245 | $ 34.00 | $ 8,330 | ||||||||
| 50 | $ 34.0 | $ 1,700 | ||||||||
| 195 | $ 37.0 | $ 7,215 | ||||||||
| Total | 245 | $ 8,915 | ||||||||
(3) LIFO
| LIFO | Cost of goods available for sale | Cost of goods sold | Ending inventory | |||||||
| DATE | No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units in ending inventory | Cost per unit | Ending inventory | |
| 01-01-20 | Opening Stock | 195 | $ 24.0 | $ 4,680 | ||||||
| 15-03-20 | Purchases | 395 | $ 29.0 | $ 11,455 | ||||||
| 10-04-20 | Sales | 295 | $ 29.00 | $ 8,555 | ||||||
| 195 | $ 24.00 | $ 4,680 | ||||||||
| 100 | $ 29.00 | $ 2,900 | ||||||||
| 20-07-20 | Purchases | 395 | $ 31.0 | $ 12,245 | ||||||
| 20-08-20 | Sales | 395 | $ 31.00 | $ 12,245 | ||||||
| 195 | $ 24.00 | $ 4,680 | ||||||||
| 100 | $ 29.00 | $ 2,900 | ||||||||
| 04-09-20 | Purchases | 295 | $ 34.0 | $ 10,030 | ||||||
| 18-11-20 | Sales | 245 | $ 34.00 | $ 8,330 | ||||||
| 195 | $ 24.00 | $ 4,680 | ||||||||
| 100 | $ 29.00 | $ 2,900 | ||||||||
| 50 | $ 34.00 | $ 1,700 | ||||||||
| 02-12-20 | Purchases | 195 | $ 37.0 | $ 7,215 | ||||||
| 12-12-20 | Sales | 195 | $ 37.00 | $ 7,215 | ||||||
| 50 | $ 34.00 | $ 1,700 | ||||||||
| 50 | $ 29.00 | $ 1,450 | ||||||||
| 195 | $ 24.00 | $ 4,680 | ||||||||
| 50 | $ 29.00 | $ 1,450 | ||||||||
| Total | 245 | 6130 | ||||||||
(4) WEIGHTED AVERAGE
Date Particulars No. of units Cost per unit Amount
| Opening Stock | 195 | $ 24.00 | $ 4,680.00 | |
| Mar-15 | Add: purchases | 395 | $ 29.00 | $ 11,455.00 |
| 590 | $ 27.35 | $ 16,135.00 | ||
| Apr-10 | Less: Sales | -295 | $ 27.35 | $ (8,067.50) |
| Jul-20 | Add: purchases | 395 | $ 31.00 | $ 12,245.00 |
| 690 | $ 29.44 | $ 20,312.50 | ||
| Aug-20 | Less: Sales | -395 | $ 29.44 | $ (11,628.17) |
| Sep-04 | Add: purchases | 295 | $ 34.00 | $ 10,030.00 |
| 590 | $ 31.72 | $ 18,714.33 | ||
| Nov-18 | Less: Sales | -245 | $ 31.72 | $ (7,771.20) |
| Dec-02 | Add: purchases | 195 | $ 37.00 | $ 7,215.00 |
| 540 | $ 33.63 | $ 18,158.13 | ||
| Dec-12 | Less: Sales | -295 | $ 33.63 | $ (9,919.72) |
| CLOSING BALANCE | 245 | $ 33.63 | $ 8,238.41 | |
| average cost per unit | $ 33.63 | |||
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