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 shop In 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 sale COGS Ending Inventory Date No. of units cost p.u Cost of goods available for sale No. of units cost p.u COGS No. of units cost p.u Ending inventory beg. Inv. 200 5 1000 200 5 1000 Purchases 600 5.4 3240 540 5.4 2916 60 5.4 324 140 6 840 140 6 840 940 5080 740 3916 200 1164 Answer a LIFO ( periodic ) Cost of goods available for sale COGS Ending Inventory Date No. of units cost p.u Cost of goods available for sale No. of units cost p.u COGS No. of units cost p.u Ending inventory beg. Inv. 200 5 1000 200 5 1000 Purchases 600 5.4 3240 600 5.4 3240 140 6 840 140 6 840 940 5080 740 4080 200 1000 Answer b
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