Transactions for the month of May were; Assuming that perpetual inventory record

Question

Transactions for the month of May were; Assuming that perpetual inventory records are maintained, determine the value of ending inventory on a FIFO basis. Assuming that periodic inventory records are maintained, determine the value of the ending inventory on an average cost basis Assuming that periodic inventory records are maintained, determine the value of ending inventory on a LIFO basis Assuming that perpetual inventory records are maintained. determine the value of the ending inventory on a LiFO basis

Explanation / Answer

FIFO Opening Stock Purchase Total Stock Sales Closing Stock Date Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value May 1.            750           3.20              2,400              -                  -                     -              750              2,400                  -                  -                      -              750             2,400 May 2.            750              2,400              -                  -                     -              750              2,400               600           3.20             1,920            150                480 May 7.            150                 480       2,800           3.30            9,240         2,950              9,720                  -                  -                      -           2,950             9,720 May 9.         2,950              9,720              -                  -                     -           2,950              9,720               150           3.20                480         2,800             9,240 May 9.         2,800              9,240              -                  -                     -           2,800              9,240           1,350           3.30             4,455         1,450             4,785 May 22.         1,450              4,785       1,200           3.50            4,200         2,650              8,985                  -                  -                      -           2,650             8,985 May 25.         2,650              8,985              -                  -                     -           2,650              8,985           1,350           3.30             4,455         1,300             4,530 May 25.         1,300              4,530              -                  -                     -           1,300              4,530                  -                  -                      -           1,300             4,530 Total       4,000          13,440           3,450          11,310                    -   LIFO Opening Stock Purchase Total Stock Sales Closing Stock Date Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value May 1.            750           3.20              2,400              -                  -                     -              750              2,400                  -                  -                      -              750             2,400 May 2.            750              2,400              -                  -                     -              750              2,400               600           3.20             1,920            150                480 May 7.            150                 480       2,800           3.30            9,240         2,950              9,720                  -                  -                      -           2,950             9,720 May 9.         2,950              9,720              -                  -                     -           2,950              9,720           1,500           3.30             4,950         1,450             4,770 May 9.         1,450              4,770              -                  -                     -           1,450              4,770                  -                  -                      -           1,450             4,770 May 22.         1,450              4,770       1,200           3.50            4,200         2,650              8,970                  -                  -                      -           2,650             8,970 May 25.         2,650              8,970              -                  -                     -           2,650              8,970           1,200           3.50             4,200         1,450             4,770 May 25.         1,450              4,770              -                  -                     -           1,450              4,770               150           3.30                495         1,300             4,275 Total       4,000          13,440           3,450          11,565 Inventory Value May 31. Units $ value FIFO         1,300              4,530 LIFO         1,300              4,275 c Periodical Inventory Inventory Using LIFO Details Unit Rate Amt $ Opening Balance May 1.                                750 3.2                                 2,400 Purchases May 7.                            2,800                              3.30                                 9,240 May 22.                            1,200                              3.50                                 4,200 Jun 15.                                        -   Jun 20.                                        -   Jun 27.                                        -   Total Purchase                            4,000                               13,440 Total Goods available for sale                            4,750                              3.33                               15,840 Sales LIFO May 2.                                600                              3.20                                 1,920 May 9.                            1,500                              3.30                                 4,950 May 25.                            1,200                              3.50                                 4,200 May 25.                                150                              3.30                                     495 Total Sales                            3,450                               11,565 Closing Stock                            1,300                              3.29                                 4,275 Value of ending inventory by LIFO=4275 b Periodical Inventory Inventory Using Wtd Average Details Unit Rate Amt $ Opening Balance May 1.                                750 3.2                                 2,400 Purchases May 7.                            2,800                              3.30                                 9,240 May 22.                            1,200                              3.50                                 4,200 Jun 15.                                        -   Jun 20.                                        -   Jun 27.                                        -   Total Purchase                            4,000                               13,440 Total Goods available for sale                            4,750                              3.33                               15,840 Sales LIFO May 2.                                600                              3.33                                 1,998 May 9.                            1,500                              3.33                                 4,995 May 25.                            1,350                              3.33                                 4,496 May 25. Total Sales                            3,450                              3.33                               11,489 Closing Stock                            1,300                              3.35                                 4,352 Value of ending inventory by Wtd Average =4352

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