## Answers

FIFO METHOD | ||||||||||

PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||

Date | Particulars | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost |

Jan, 01 | Begnning inventory | 140 | $ 6.00 | 840 | ||||||

Jan, 10 | Sales | 100 | $ 6.00 | 600 | 40 | $ 6.00 | 240 | |||

Jan, 20 | Purchases | 60 | $ 5.00 | $300 | 40 | $ 6.00 | 240 | |||

60 | $ 5.00 | $300 | ||||||||

40 | $ 6.00 | 240 | ||||||||

Jan, 25 | Sales | 40 | $ 5.00 | $200 | 20 | $ 5.00 | $100 | |||

Jan, 30 | Purchases | 180 | $ 4.50 | $810 | 20 | $ 5.00 | $100 | |||

180 | $ 4.50 | $810 | ||||||||

LIFO METHOD | ||||||||||

PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||

Date | Particulars | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost |

Jan, 01 | Begnning inventory | 140 | $ 6.00 | 840 | ||||||

Jan, 10 | Sales | 100 | $ 6.00 | 600 | 40 | $ 6.00 | 240 | |||

Jan, 20 | Purchases | 60 | $ 5.00 | $300 | 40 | $ 6.00 | 240 | |||

60 | $ 5.00 | $300 | ||||||||

60 | $ 5.00 | $300 | ||||||||

Jan, 25 | Sales | 20 | $ 6.00 | 120 | 20 | $ 6.00 | 120 | |||

Jan, 30 | Purchases | 180 | $ 4.50 | $810 | 20 | $ 6.00 | 120 | |||

180 | $ 4.50 | $810 | ||||||||

WEIGHTED AVG. METHOD | ||||||||||

PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||

Date | Particulars | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost |

Jan, 01 | Begnning inventory | 140 | $ 6.00 | 840 | ||||||

Jan, 10 | Sales | 100 | $ 6.00 | 600 | 40 | $ 6.00 | 240 | |||

Jan, 20 | Purchases | 60 | $ 5.00 | $300 | 100 | $ 5.40 | $ 540.00 | |||

Jan, 25 | Sales | 80 | $ 5.40 | $432 | 20 | $ 5.40 | $ 108.00 | |||

Jan, 31 | Purchases | 180 | $ 4.50 | $810 | 200 | $ 4.59 | $ 918.00 | |||

240 | $1,110 | 180 | $1,032 | 200 | $918 | |||||

SPECIFIC ID METHOD | ||||||||||

PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||

Date | Particulars | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost |

Jan, 01 | Begnning inventory | 140 | $ 6.00 | $840 | 125 | $ 6.00 | $750 | 15 | $ 6.00 | $90 |

Jan, 20 | Purchases | 60 | $ 5.00 | $300 | 55 | $ 5.00 | $275 | 5 | $ 5.00 | $25 |

Jan, 31 | Purchases | 180 | $ 4.50 | $810 | 180 | $ 4.50 | $810 | |||

380 | $ 1,950 | 180 | $ 1,025 | 200 | 925 | |||||

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