Acct: Fifo and Lifo Accounting and Quantity Unit Cost...

Danielle Born
AC210
October 2, 2013
Week 1 Assignment

9–34. Periodic inventory system

1. FIFO:
Most recent purchase ........................ 350 units @ $19.50 = $ 6,825

2. LIFO:
Oldest costs ........................................ 250 units @ $17.00 = $ 4,250
Next oldest costs ................................ 100 @ 18.00 = 1,800
350 units $ 6,050

3. Average:
Beginning inventory ........................... 250 units @ $17.00 = $ 4,250
Purchases ........................................... 900 @ 18.00 = 16,200
1,200 @ 19.50 = 23,400
Total ..................................................... 2,350 units $43,850
$43,8502,350 = $18.66 per unit
Ending inventory valuation:
350 units $18.66 (average unit cost) = $6,531
9–35. Beginning inventory + Purchases – Sales = Ending inventory 600 + 600 – 800 = 400 units
1. FIFO Inventory Record—Product X Received Issued Balanced
Date Quantity Unit Cost Cost Quantity Unit Cost Cost Quantity Unit Cost Cost
9-1

600
$150
$900
9-6
200
$2.00
$400

600
200
1.50
2.00
900
400
9-12

400
$1.50
$600
200
200
1.50
2.00
300
400
9-13

100
1.50
1.50
100
200
1.50
2.00
150
400
9-18
250
3.00
750

100
200
250
1.50
2.00
3.00
150
400
750
9-20
150
3.50
525

100
200
250
150
1.50
2.00
3.00
3.50
150
400
750
525
9-25

100
200
1.50
2.00
150
400
250
150
3.00
3.50
750
525

Ending inventory value: 250 units @ $3.00 = $ 750
150 @ 3.50 = 525
400 units $

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