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Sample Essay

Date Particulars Units Unit Cost Total Cost
January Beginning Inventory 1,000 10 10,000
March 15 Purchases 3,500 12 42,000
September 12 Purchases 1,600 14 22,400
  Cost of Goods Available for Sale 6,100   74,400

 

Units available for sale = 6,100

Cost of Goods Available for Sale = $74,400

Units Sold during May = 4,000 + 1,200 = 5,200

Units in ending inventory = 900

B.

LIFO – Perpetual:

Date Receipts Issues Balance
Units Rate Amount Units Rate Amount Units Rate Amount
January 1,000 10 10,000
15-Mar 3,500 12 42,000 1,000 10 10,000
3,500 12 42,000
21-Jul 3,500 12 42,000
500 10 5,000 500 10 5,000
12-Sep 1,600 14 22,400 500 10 5,000
1,600 14 22,400
31-Oct 1,200 14 16,800 500 10 5,000
400 14 5,600
December 5,200 63,800 900 10,600

Cost of goods sold (5,200 units) = $63,800

Cost of Ending Inventory (900 units) = $10,600

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