Question

My Procte Ag ent GradeDOOR URIUN Downloadable eTextbook en Assignment CALCULATOR F LOREEN PR OURCES The following is a record of wompany's transactions for for the month of May 2017 May 1 Balance 444 units 12 Purchase 666 units 28 Purchase 444 units $18 May 10 Sale 333 units @ $35 $26 20 Sale 599 units @ $35 $32 (a) (b) Assuming that perpetual records are maintained and they tle into the general edger, calculate the ending inventory using (1) FIFO and (2) LIFO, (2) FIFO LTE Ending Inventory Attempts: 0 of 3 used SAY 11

Answer 1

FIFO
			Purchase				Sales				Balance
Date	Particulars		Units	Rate	Amount		Units	Rate	Amount		Units	Rate	Amount
1-May	Balance										444	$    18.00	$    7,992.00
10-May	Sales						333	$    18.00	$   5,994.00		111	$    18.00	$    1,998.00
12-May	Purchase		666	$    26.00	$ 17,316.00						111	$    18.00	$    1,998.00
											666	$    26.00	$ 17,316.00
20-May	Sales						111	$    18.00	$   1,998.00
							488	$    26.00	$ 12,688.00		178	$    26.00	$    4,628.00
							599		$ 14,686.00
28-May	Purchase		444	$    32.00	$ 14,208.00						178	$    26.00	$    4,628.00
											444	$    32.00	$ 14,208.00
											622		$ 18,836.00	(Ending Inventory)

LIFO
			Purchase				Sales				Balance
Date	Particulars		Units	Rate	Amount		Units	Rate	Amount		Units	Rate	Amount
1-May	Balance										444	$    18.00	$    7,992.00
10-May	Sales						333	$    18.00	$   5,994.00		111	$    18.00	$    1,998.00
12-May	Purchase		666	$    26.00	$ 17,316.00						666	$    26.00	$ 17,316.00
											111	$    18.00	$    1,998.00
20-May	Sales						599	$    26.00	$ 15,574.00		67	$    26.00	$    1,742.00
											111	$    18.00	$    1,998.00
28-May	Purchase		444	$    32.00	$ 14,208.00						444	$    32.00	$ 14,208.00
											67	$    26.00	$    1,742.00
											111	$    18.00	$    1,998.00
											622		$ 17,948.00	(Ending Inventory)