Some of the information found on a detail inventory card for
Marin Inc. for the first month of operations is as
follows.
Received |
||||||||
Date |
No. of Units |
Unit Cost |
Issued, |
Balance, |
||||
January 2 | 1,500 | $3.66 | 1,500 | |||||
7 | 1,000 | 500 | ||||||
10 | 900 | 3.90 | 1,400 | |||||
13 | 800 | 600 | ||||||
18 | 1,300 | 4.03 | 600 | 1,300 | ||||
20 | 1,100 | 200 | ||||||
23 | 1,600 | 4.15 | 1,800 | |||||
26 | 1,100 | 700 | ||||||
28 | 1,900 | 4.27 | 2,600 | |||||
31 | 1,600 | 1,000 |
From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. Find Last-in, first-out (LIFO).
Answer:
Inventory Card of Marin Inc.
(Using the LIFO Method)
Date | Received | Issued | Balance |
Units | Unit Cost | Unit | Unit Cost | Unit | Unit Cost | |
January 2 | 1,500 | $3.66 | 1,500 | $3.66 | ||
January 7 | 1,000 | $3.66 | 5,00 | $3.66 | ||
january 10 | 900 | $3.90 | 5,00 | $3.66 | ||
900 | $3.90 | |||||
January 13 | 8,00 | $3.90 | 500 | $3.66 | ||
100 | $3.90 | |||||
January 18 | 1,300 | $4.03 | 600 | $4.03 | 500 | $3.66 |
100 | $3.90 | |||||
700 | $4.03 | |||||
January 20 | 700 | $4.03 | ||||
100 | $3.90 | |||||
300 | $3.66 | 200 | $3.66 | |||
January 23 | 1,600 | $4.15 | 200 | $3.66 | ||
1,600 | $4.15 | |||||
January 26 | 1,100 | $4.15 | 200 | $3.66 | ||
500 | $4.15 | |||||
January 28 | 1,900 | $4.27 | 200 | $3.66 | ||
500 | $4.15 | |||||
1,900 | $4.27 | |||||
January 31 | 1,600 | $4.27 | 200 | $3.66 | ||
500 | $4.15 | |||||
300 | $4.27 |
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