c
Ans(1)Moving Average Method
PurchasesSalesBalance
DateParticulars# of unitsUnit CostTotal Cost# of unitsUnit CostTotal Cost# of unitsUnit CostTotal Cost
May 1Beginning Inventory65$ 7.00$ 455.00
May 3Purchase75$ 10.00$ 750.00140$ 8.61$ 1,205.00(65+75 = 140; 455+750 = 1205)
May 10Purchase90$ 7.00$ 630.00230$ 7.98$ 1,835.00(140+90 = 230; 1205+630 = 1835)
May 12Sales75$ 7.98$ 598.50155$ 7.98$ 1,236.50(230-75 = 155; 1835-598.50 = 1236.50)
May 17Sales65$ 7.98$ 518.5990$ 7.98$ 717.91(155-65 = 90; 1236.50-518.59 = 717.91)
May 25Sales25$ 7.98$ 199.5065$ 7.98$ 518.41(90-25 = 65; 717.91-199.50 = 518.41)
$ 1,316.59
*Difference in the ending balance of inventory is due to rounding.
Moving average unit cost = Total cost/units
1835/230 = 7.98
Ending Inventory =518.41
Cost of sales =1316.59
Ans(2)Specific identificcation method:
Ending Inventory
11 units at $7 =$ 77.00
20 units at $10 = 200.00
34 units at $7 = 238.00
65 units =$ 515.00
Cost of sales:
54 units at $7 =$ 378.00
55 units at $10 = 550.00
56 units at $7 = 392.00
165 Units =$ 1,320.00
Ans(3)FIFO Method
PurchasesSalesBalance
DateParticulars# of unitsUnit CostTotal Cost# of unitsUnit CostTotal Cost# of unitsUnit CostTotal Cost
May 1Beginning Inventory65$ 7.00$ 455.00
May 3Purchase75$ 10.00$ 750.0065$ 7.00$ 455.00
75$ 10.00$ 750.00
May 10Purchase90$ 7.00$ 630.0065$ 7.00$ 455.00
75$ 10.00$ 750.00
90$ 7.00$ 630.00
May 12Sales65$ 7.00$ 455.0065$ 10.00$ 650.00
10$ 10.00$ 100.0090$ 7.00$ 630.00
May 17Sales65$ 10.00$ 650.0090$ 7.00$ 630.00
May 25Sales25$ 7.00$ 175.0065$ 7.00$ 455.00
$ 1,380.00
Ending Inventory =$ 455.00
Cost of sales =$ 1,380.00
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