Question

Use the information below to determine the number of units in ending inventory

and the ending inventory value using the perpetual inventory system for FIFO.

($)

Number Per

Date Transaction of units unit

Apr. 3 Inventory 30 800

8 Purchase 60 820

11 Sale 40 -

30 Sale 30 -

May 8 Purchase 60 850

10 Sale 20 -

19 Sale 15 -

28 Purchase 80 900

Part 2

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

Use the information below to determine the number of units in ending inventory

and the ending inventory value using the perpetual inventory system for FIFO.

Answer 1

Date	Purchase		Sale		Balance
	Quantity	Amount	Quantity	Amount	Quantity	Amount
3-Apr					30	800
Balance					30	800
8-Apr	60	820			30	800
					60	820
Balance					90	1620
11-Apr			30	800	50	683
			10	137
Balance					50	683
30-Apr			30	410	20	273
Balance					20	273
8-May	60	850			20	273
					60	850
Balance					80	1123
10-May			20	273	60	850
Balance					60	850
19-May			15	213	45	638
Balance					45	638
28-May	80	900			45	638
					80	900
Balance					125	1538

Units of ending inventory using fifo - 125 units

Value of ending inventory using fifo - Rs 1538

(For part 2 information is not properly provided)