Question

In its first month of operations, Swifty Company made three purchases of merchandise in the following...

In its first month of operations, Swifty Company made three purchases of merchandise in the following sequence: (1) 310 units at $7, (2) 470 units at $8, and (3) 230 units at $9. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Swifty uses a periodic inventory system.

Homework Answers

Answer #1

Ending inventory under FIFO Method

FIFO Method Units Rate Amount
Balance from 2 sequence    130 $   8 $ 1,040
Balance from 3 sequence    230 $   9 $ 2,070
Ending inventory    360 $ 3,110

Ending inventory under LIFO Method

LIFO Method Units Rate Amount
Balance from 2 sequence      50 $   8 $      400
Balance from 1 sequence    310 $   7 $ 2,170
Ending inventory    360 $ 2,570

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