GIVEN Description No.

of Chairs Unit Cost Total

3/1/2014 Opening Inventory 100 40 4,000.00
3/15/2014 New Purchases 50 42 2,100.00
3/20/2014 New Purchases 75 45 3,375.00
225 42.11 9,475.00

FIFO LIFO Average Method

Goods Available for Sale 9,475.00 9,475.00 9,475.00
Less: Ending Inventory 1,125.00 1,000.00 1,052.78
8,350.00 8,475.00 8,422.22
FIFO METHOD
GIVEN Purchase Sales Balance
Qty Unit Cost Qty Unit Cost Amount Qty Unit Cost Amount Qty Unit Cost
1/1/2020 Beginning Inventory 40 2,000.00 40 2,000.00
2/12/2020 Purchases 10 2,100.00 10 2,100.00 21,000.00 40 2,000.00
10 2,100.00
2/25/2020 Sales 12 2,500.00 12 2,000.00 24,000.00 28 2,000.00
10 2,100.00
3/10/2020 Sales 10 2,600.00 10 2,000.00 20,000.00 18 2,000.00
10 2,100.00
4/20/2020 Purchases 18 2,150.00 18 2,150.00 38,700.00 18 2,000.00
` 10 2,100.00
18 2,150.00
8/12/2020 Sales 25 3,000.00 18 2,000.00 36,000.00 3 2,100.00
7 2,100.00 14,700.00 18 2,150.00
11/15/2020 Purchases 15 2,200.00 15 2,200.00 33,000.00 3 2,100.00
18 2,150.00
15 2,200.00
COGS= 94,700.00 Inv. End=
LIFO METHOD
GIVEN Purchase Sales Balance
Qty Unit Cost Qty Unit Cost Amount Qty Unit Cost Amount QtyUnit Cost
1/1/2020 Beginning Inventory 40 2,000.00 40 2,000.00
2/12/2020 Purchases 10 2,100.00 10 2,100.00 21,000.00 40 2,000.00
10 2,100.00
2/25/2020 Sales 12 2,500.00 10 2,100.00 21,000.00 38 2,000.00
2 2,000.00 4,000.00
3/10/2020 Sales 10 2,600.00 10 2,000.00 20,000.00 28 2,000.00
4/20/2020 Purchases 18 2,150.00 18 2,150.00 38,700.00 28 2,000.00
18 2,150.00
8/12/2020 Sales 25 3,000.00 18 2,150.00 38,700.00 21 2,000.00
7 2,000.00 14,000.00
11/15/2020 Purchases 15 2,200.00 15 2,200.00 33,000.00 - 21 2,000.00
15 2,200.00
COGS-= 97,700.00 Inv. End=
AVERAGE METHOD
GIVEN Purchase Sales Balance
Qty Unit Cost Qty Unit Cost Amount Qty Unit Cost Amount Qty Unit Cost
1/1/2020 Beginning Inventory 40 2,000.00 40 2,000.00
2/12/2020 Purchases 10 2,100.00 10 2,100 21,000.00 40 2,000.00
10 2,100.00
50 2,020.00

2/25/2020 Sales 12 2,500.00 12 2,020.00 24,240.00 38 2,020.00

3/10/2020 Sales 10 2,600.00 10 2,020.00 20,200.00 28 2,020.00

4/20/2020 Purchases 18 2,150.00 18 2,150 38,700.00 28 2,020.00

18 2,150.00
46 2,070.87

8/12/2020 Sales 25 3,000.00 25 2,070.87 51,771.74 21 2,070.87

11/15/2020 Purchases 15 2,200.00 15 2,200 33,000.00 21 2,070.87

15 2,200.00
COGS= 96,211.74 36 2,124.67
alance
Amount
80,000.00
21,000.00
101,000.00
56,000.00
21,000.00
36,000.00
21,000.00
36,000.00
21,000.00
38,700.00
6,300.00
38,700.00
6,300.00
38,700.00
33,000.00
78,000.00
alance
Amount
80,000.00
80,000.00
21,000.00
76,000.00

56,000.00
56,000.00
38,700.00
42,000.00

42,000.00
33,000.00
75,000.00
alance
Amount
80,000.00
80,000.00
21,000.00
101,000.00

76,760.00
56,560.00

56,560.00
38,700.00
95,260.00

43,488.26

43,488.26
33,000.00
76,488.26
Regular rate 200 per hour Work In Process Inventory
Overtime pay in excess of 40 hours 250 per hour 50 Factory Overhead Control
Normal workweek 40 hours Payroll
Actual hours worked 50 hours 10

Direct Labor Cost 10000

Factory Overhead 500
10500
rocess Inventory 10000
verhead Control 500
10,500.00
Overheads Product x Product y
161,100.00 275,200.00
Activity 1