Homework Answers
| Ans. 1 | Perpetual FIFO: | |||||||||
| Purchase | Cost of goods sold | Balance | ||||||||
| Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
| 1-Jan | 3300 | $17.50 | $57,750 | 3300 | $17.50 | $57,750 | ||||
| 23-Jan | 4200 | $16.50 | $69,300 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 14-Feb | 1400 | $16.90 | $23,660 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 17-Mar | 2000 | $17.90 | $35,800 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 2000 | $17.90 | $35,800 | ||||||||
| 13-Apr | 3300 | $17.50 | $57,750 | |||||||
| 4200 | $16.50 | $69,300 | ||||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 800 | $17.90 | $14,320 | 1200 | $17.90 | $21,480 | |||||
| 5-May | 5800 | $15.20 | $88,160 | 1200 | $17.90 | $21,480 | ||||
| 5800 | $15.20 | $88,160 | ||||||||
| 4-Jul | 3600 | $16.10 | $57,960 | 1200 | $17.90 | $21,480 | ||||
| 5800 | $15.20 | $88,160 | ||||||||
| 3600 | $16.10 | $57,960 | ||||||||
| 31-Oct | 1200 | $17.90 | $21,480 | |||||||
| 5800 | $15.20 | $88,160 | ||||||||
| 1400 | $16.10 | $22,540 | 2200 | $16.10 | $35,420 | |||||
| 22-Nov | 1000 | $15.70 | $15,700 | 2200 | $16.10 | $35,420 | ||||
| 1000 | $15.70 | $15,700 | ||||||||
| Total | Cost of goods sold | $297,210 | Ending inventory | $51,120 | ||||||
| *In FIFO method the units that have purchased first, are released the first one and the ending inventory | ||||||||||
| units remain from the last purchases. | ||||||||||
| Ans. 2 | Perpetual LIFO: | |||||||||
| Purchase | Cost of goods sold | Balance | ||||||||
| Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
| 1-Jan | 3300 | $17.50 | $57,750 | 3300 | $17.50 | $57,750 | ||||
| 23-Jan | 4200 | $16.50 | $69,300 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 14-Feb | 1400 | $16.90 | $23,660 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 17-Mar | 2000 | $17.90 | $35,800 | 3300 | $17.50 | $57,750 | ||||
| 4200 | $16.50 | $69,300 | ||||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 2000 | $17.90 | $35,800 | ||||||||
| 13-Apr | 2000 | $17.90 | $35,800 | |||||||
| 1400 | $16.90 | $23,660 | ||||||||
| 4200 | $16.50 | $69,300 | ||||||||
| 2100 | $17.50 | $36,750 | 1200 | $17.50 | $21,000 | |||||
| 5-May | 5800 | $15.20 | $88,160 | 1200 | $17.50 | $21,000 | ||||
| 5800 | $15.20 | $88,160 | ||||||||
| 4-Jul | 3600 | $16.10 | $57,960 | 1200 | $17.50 | $21,000 | ||||
| 5800 | $15.20 | $88,160 | ||||||||
| 3600 | $16.10 | $57,960 | ||||||||
| 31-Oct | 3600 | $16.10 | $57,960 | |||||||
| 4800 | $15.20 | $72,960 | 1000 | $15.20 | $15,200 | |||||
| 1200 | $17.50 | $21,000 | ||||||||
| 22-Nov | 1000 | $15.70 | $15,700 | 1000 | $15.20 | $15,200 | ||||
| 1200 | $17.50 | $21,000 | ||||||||
| 1000 | $15.70 | $15,700 | ||||||||
| Total | Cost of goods sold | $296,430 | Ending inventory | $51,900 | ||||||
| *In LIFO method the units that have purchased last, are released the first one and the ending inventory | ||||||||||
| units remain from the first purchases. | ||||||||||
Add Answer to:
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