## Answers

Ans. | Available for sale | |||||

Date | Units | Rate | Total | |||

1-Jan | 500 | $12.00 | $6,000 | |||

1-Apr | 100 | $13.00 | $1,300 | |||

1-Jul | 100 | $14.00 | $1,400 | |||

30-Sep | 100 | $15.00 | $1,500 | |||

Cost of goods available for sale | 800 | $10,200 | ||||

Ending inventory units = 400 units | ||||||

Units sold = Units available for sale - Units in ending inventory | ||||||

800 - 400 | 400 units | |||||

Periodic LIFO: | ||||||

Date | Units | Rate | Total | |||

30-Sep | 100 | $15.00 | $1,500 | |||

1-Jul | 100 | $14.00 | $1,400 | |||

1-Apr | 100 | $13.00 | $1,300 | |||

1-Jan | 100 | $12.00 | $1,200 | |||

Cost of goods sold | 400 | $5,400 | ||||

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

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

Ending inventory = Total cost of goods available for sale - Cost of goods sold | ||||||

$10,200 - $5,400 | ||||||

$4,800 | ||||||

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