If the perpetual inventory record is kept in dollars, and costs are computedat the time of Units, what amount would be shown as endinginventory in FIFO ,LIFO ,AVg cost above

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678 viewsOctober 7, 2016

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Darshita 6.14K October 7, 2016 0 Comments

If the perpetual inventory record is kept in dollars, and costs are computedat the time of each withdrawal, what amount would be shown as endinginventory in FIFO ,LIFO ,AVg cost above

	Average inventory
	Unit	Amount in $
FIFo	1170	8429
LIFo	1170	7986
AVG Cost	1170	8275.394489

If the perpetual inventory record is kept in dollars, and costs are computedat the time of Units, what amount would be shown as endinginventory in FIFO ,LIFO ,AVg cost above

	Average inventory
	Unit	Amount in $
FIFo	1170	8429
LIFo	1170	7620
AVG Cost	1170	7928

1 Answer

score 0 · Answer 1 · 2016-10-07T07:54:25+00:00

Answer:

If the perpetual inventory record is kept in dollars, and costs are computedat the time of Units, what amount would be shown as endinginventory in FIFO ,LIFO ,AVg cost above

If the perpetual inventory record is kept in dollars, and costs are computedat the time of each withdrawal, what amount would be shown as endinginventory in FIFO ,LIFO ,AVg cost above

	Average inventory
	Unit	Amount in $
FIFo	1170	8429
LIFo	1170	7986
AVG Cost	1170	8275.394489

Working notes when Units are kelpt in units only

FIFO

560	7.1	3976
610	7.3	4453
1170		8429

LIFO

510	6.3	3213
50	6.4	320
610	6.7	4087
1170		7620

AVG Cost

1170

6.775821596

7927.711268

2

When cost are counts at each withdrowal

FIFO
	Opeaning and Purchase			Sales			Closing
Date	Unit	Price	Total	Unit	Price	Total	Unit	Price	Total
1-Apr	510	6.3	3213				510	6.3	3213

4-Apr	810	6.4	5184				510	6.3	3213
							810	6.4	5184

5-Apr				510	6.3	3213
				200	6.4	1280	610	6.4	3904


11-Apr	710	6.7	4757				610	6.4	3904
							710	6.7	4757

12-Apr				610	6.4	3904	710	6.7	4757

18-Apr	610	6.7	4087				710	6.7	4757
							610	6.7	4087

26-Apr	1010	7.1	7171				710	6.7	4757
							610	6.7	4087
							1010	7.1	7171

27-Apr				710	6.7	4757
				610	6.7	4087
				300	7.1	2130	710	7.1	5041

28-Apr				150	7.1	1065	560	7.1	3976

30-Apr	610	7.3	4453				560	7.1	3976
							610	7.3	4453
Total	4260		28865	3090		20436	1170		8429

2

LIFO

lIFO
	Opeaning and Purchase			Sales			Closing
Date	Unit	Price	Total	Unit	Price	Total	Unit	Price	Total
1-Apr	510	6.3	3213				510	6.3	3213

4-Apr	810	6.4	5184				510	6.3	3213
							810	6.4	5184

5-Apr							510	6.3	3213
				710	6.4	4544	100	6.4	640

							510	6.3	3213
11-Apr	710	6.7	4757				100	6.4	640
							710	6.7	4757

12-Apr				610	6.7	4087	510	6.3	3213
							100	6.4	640
							100	6.7	670

18-Apr	610	6.7	4087				510	6.3	3213
							100	6.4	640
							100	6.7	670
							610	6.7	4087

26-Apr	1010	7.1	7171				510	6.3	3213
							100	6.4	640
							100	6.7	670
							610	6.7	4087
							1010	7.1	7171

27-Apr				610	6.7	4087	510	6.3	3213
				1010	7.1	7171	100	6.4	640
							100	6.7	670

28-Apr				100	6.7	670	510	6.3	3213
				50	6.4	320	50	6.4	320

30-Apr	610	7.3	4453				510	6.3	3213
							50	6.4	320
							610	7.3	4453


Total	4260		28865	3090		20879	1170		7986

AVG cost
	Opeaning and Purchase			Sales			Closing
Date	Unit	Price	Total	Unit	Price	Total	Unit	Price	Total
1-Apr	510	6.3	3213				510	6.3	3213

4-Apr	810	6.4	5184				1320	6.361364	8397

5-Apr				710	6.361364	4516.568	610	6.361364	3880.432

11-Apr	710	6.7	4757				1320	6.543509	8637.432


12-Apr				610	6.543509	3991.54	710	6.543509	4645.891

18-Apr	610	6.7	4087				1320	6.615827	8732.891

26-Apr	1010	7.1	7171				2330	6.825704	15903.89

27-Apr				1620	6.825704	11057.64	710	6.825704	4846.25

28-Apr				150	6.825704	1023.856	560	6.825704	3822.394

30-Apr	610	7.3	4453				1170	7.072987	8275.394

1 Answer

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