Question 1: Calculate the cost of material available for use, cost of material issued and cost of material endingunder FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method.Total Cost RsDateJan 01Jan 05Jan 06Jan 09DetailsBeg Inventory 20PurchasesIssuedPurchasesPurchasesIssuedUnits Cost per unit Rs.102005011550304012480Jan 152013260Jan 2060Jan 28Purchases1015150

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Description: Question 1: Calculate the cost of material available for use, cost of material issued and cost of material endingunder FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method.Total Cost RsDateJan 01Jan 05Jan 0

Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Business

Accounting

Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Details Beg Inventory 20 Purchases Units Cost per unit Rs. Total Cost Rs Date | Jan 01 10 200 Jan 05 50 11 550 Jan 06 Jan 09 Jan 15 Issued 30 Purchases 40 12 480 Purchases Issued 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150

Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Details Beg Inventory 20 Purchases Units Cost per unit Rs. Total Cost Rs Date | Jan 01 10 200 Jan 05 50 11 550 Jan 06 Jan 09 Jan 15 Issued 30 Purchases 40 12 480 Purchases Issued 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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davuben
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Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
Paragraph 151 Styles Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 40 $40 Sale 16 $70 8 Purchase 80 41 11 Sale 34 70 19 Sale 72 24 Sale 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total
A-7
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