## Question

###### FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an...

FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 200 units @ $5.00 Purchase, January 9 600 units @ $5.40 Purchase, January 19 140 units @ $6.00 Inventory, January 31 200 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?

## Answers

Rock shopIn periodic inventory, dates are not considered for calculating cost of each sale, instead cost of goods sold is calculated at the end of period FIFO ( periodic )Cost of goods available for saleCOGSEnding InventoryDateNo. of unitscost p.uCost of goods available for saleNo. of unitscost p.uCOGSNo. of unitscost p.uEnding inventorybeg. Inv. 200 5 1000 200 5 1000 Purchases 600 5.4 3240 540 5.4 2916 60 5.4 324 140 6 840 140 6 840 940508074039162001164Answer aLIFO ( periodic )Cost of goods available for saleCOGSEnding InventoryDateNo. of unitscost p.uCost of goods available for saleNo. of unitscost p.uCOGSNo. of unitscost p.uEnding inventorybeg. Inv. 200 5 1000 200 5 1000 Purchases 600 5.4 3240 600 5.4 3240 140 6 840 140 6 840 940508074040802001000Answer b

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