Question

There are 10 units in ending inventory compute the value of the ending inventory

using the periodic inventory method. Compute the answer using FIFO, LIFO and the average

cost methods. (round your answer to the nearest whole number)

Price Cost

Number Per Per

Date Transaction of units unit Purchase

Apr. 3 Inventory 2 10 20

8 Purchase 2 15 30

11 Purchase 3 20 60

30 Purchase 2 25 50

May 8 Purchase 3 25 75

10 Purchase 3 30 90

19 Purchase 3 30 90

28 Purchase 3 35 105

June 5 Purchase 3 40 120

16 Purchase 4 40 160

21 Purchase 4 45 180

28 Purchase 3 50 150

Answer 1

Date	Particulars	Units	Cost	Amount
Apr03	Beginning Inventory	2.00	10.00	20.00
Apr08	Purchase	2.00	15.00	30.00
Apr 11	Purchase	3.00	20.00	60.00
Apr 30	Purchase	2.00	25.00	50.00
May 08	Purchase	3.00	25.00	75.00
May 10	Purchase	3.00	30.00	90.00
May 19	Purchase	3.00	30.00	90.00
May 28	Purchase	3.00	35.00	105.00
June 05	Purchase	3.00	40.00	120.00
June 16	Purchase	4.00	40.00	160.00
June 21	Purchase	4.00	45.00	180.00
June 28	Purchase	3.00	50.00	150.00
	Total	35.00	32.29	1,130.00
Ending Inventory using FIFO = 3*50 + 4*45 + 3*40	450.00
Ending Inventory using LIFO = 2*10+2*15+3*20+2*25+1*25	185.00
Ending Inventory using Average cost =10*32.29	323