## Answers

Ans. | |||||||||||

Schedule of Cost of Merchandise Inventory and Cost of Merchandise Sold | |||||||||||

Inventory Method | Merchandise Inventory | Merchandise Sold | |||||||||

FIFO | $7,800 | $16,580 | |||||||||

LIFO | $6,720 | $17,660 | |||||||||

Average Cost | $7,314 | $17,066 | |||||||||

*WORKING NOTES: | |||||||||||

Ending inventory units = 60 | |||||||||||

Units sold = Total units available - Ending inventory units | |||||||||||

(30 + 70 + 10 + 90) - 60 | |||||||||||

200 - 60 = 140 units | |||||||||||

FIFO: | Cost of goods available for sale | Cost of goods sold - Periodic FIFO | Ending inventory - Periodic FIFO | ||||||||

Units | Rate | Total | Units | Rate | Total | Units | Rate | Total | |||

Beginning inventory | 30 | $106 | $3,180 | 30 | $106 | $3,180 | 0 | $106 | $0 | ||

Purchases: | |||||||||||

10-Mar | 70 | $118 | $8,260 | 70 | $118 | $8,260 | 0 | $118 | $0 | ||

30-Aug | 10 | $124 | $1,240 | 10 | $124 | $1,240 | 0 | $124 | $0 | ||

12-Dec | 90 | $130 | $11,700 | 30 | $130 | $3,900 | 60 | $130 | $7,800 | ||

Total | 200 | $24,380 | 140 | $16,580 | 0 | $7,800 | |||||

*In FIFO method the units that have purchased first, are released the first one and the ending inventory | |||||||||||

units remain from the last purchases. | |||||||||||

LIFO: | Cost of goods available for sale | Cost of goods sold - Periodic LIFO | Ending inventory - Periodic LIFO | ||||||||

Units | Rate | Total | Units | Rate | Total | Units | Rate | Total | |||

Beginning inventory | 30 | $106 | $3,180 | 0 | $50.00 | $0 | 30 | $106 | $3,180 | ||

Purchases: | |||||||||||

10-Mar | 70 | $118 | $8,260 | 40 | $118 | $4,720 | 30 | $118 | $3,540 | ||

30-Aug | 10 | $124 | $1,240 | 10 | $124 | $1,240 | 0 | $124 | $0 | ||

12-Dec | 90 | $130 | $11,700 | 90 | $130 | $11,700 | 0 | $130 | $0 | ||

Total | 200 | $24,380 | 140 | $17,660 | 60 | $6,720 | |||||

*In LIFO method the units that have purchased last, are released the first one and ending inventory units | |||||||||||

remain from the first purchase. | |||||||||||

Average cost: | Cost of goods available for sale | Cost of goods sold - Periodic Average cost | Ending inventory - Periodic Average cost | ||||||||

Units | Rate | Total | Units | Rate | Total | Units | Rate | Total | |||

Beginning inventory | 30 | $106 | $3,180 | ||||||||

Purchases: | |||||||||||

10-Mar | 70 | $118 | $8,260 | ||||||||

30-Aug | 10 | $124 | $1,240 | ||||||||

12-Dec | 90 | $130 | $11,700 | ||||||||

Total | 200 | $24,380 | 140 | $121.90 | $17,066 | 60 | $121.90 | $7,314 | |||

Average cost per unit = Total cost of goods available for sale / Units available for sale | |||||||||||

$24,380 / 200 | |||||||||||

$121.90 | per unit |

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