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  • Date Purchase Issue Balance: Problem 5.7 Lifo

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    Mary
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    The document shows inventory records using different cost flow assumptions (LIFO, FIFO, WAC) for a company over multiple periods from February 2001 to February 2029. It tracks purchases and issues of inventory units along with the corresponding unit costs and balances in dollars. Under LIFO, the most recently purchased units are issued first. Under FIFO, the oldest units (lowest costs) are issued first. WAC calculates a weighted average cost of units.

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    FAM

    Original Title

    5.7

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    The document shows inventory records using different cost flow assumptions (LIFO, FIFO, WAC) for a company over multiple periods from February 2001 to February 2029. It tracks purchases and issues of inventory units along with the corresponding unit costs and balances in dollars. Under LIFO, the most recently purchased units are issued first. Under FIFO, the oldest units (lowest costs) are issued first. WAC calculates a weighted average cost of units.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    14 views5 pages

    Date Purchase Issue Balance: Problem 5.7 Lifo

    Uploaded by

    Mary
    The document shows inventory records using different cost flow assumptions (LIFO, FIFO, WAC) for a company over multiple periods from February 2001 to February 2029. It tracks purchases and issues of inventory units along with the corresponding unit costs and balances in dollars. Under LIFO, the most recently purchased units are issued first. Under FIFO, the oldest units (lowest costs) are issued first. WAC calculates a weighted average cost of units.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 5

    Problem 5.

    7 LIFO

    Date Purchase Issue Balance


    Units Cost/unit Amount Units Cost/unit Amount Units Cost/unit Amount

    Feb/01 20 140 2800


    Feb/04 50 142 7100 20 140 2800
    50 142 7100
    Feb/07 30 142 4260 20 140 2800
    20 142 2840
    Feb/10 60 145 8700 20 140 2800
    20 142 2840
    60 145 8700
    Feb/14 20 145 2900 20 140 2800
    20 142 2840
    40 145 5800
    Feb/20 30 147 4410 20 140 2800
    20 142 2840
    40 145 5800
    30 147 4410
    Feb/26 30 147 4410 20 140 2800
    10 145 1450 20 142 2840
    30 145 4350
    Feb/29 80 148 11840 20 140 2800
    20 142 2840
    30 145 4350
    80 148 11840

    FIFO

    Date Purchase Issue Balance


    Units Cost/unit Amount Units Cost/unit Amount Units Cost/unit Amount

    Feb/01 20 140 2800


    Feb/04 50 142 7100 20 140 2800
    50 142 7100
    Feb/07 20 140 2800 40 142 5680
    10 142 1420
    Feb/10 60 145 8700 40 142 5680
    60 145 8700
    Feb/14 20 142 2840 20 142 2840
    60 145 8700
    Feb/20 30 147 4410 20 142 2840
    60 145 8700
    30 147 4410
    Feb/26 20 142 2840 40 145 5800
    20 145 2900 30 147 4410
    Feb/29 80 148 11840 40 145 5800
    30 147 4410
    80 148 11840
    WAC Method

    Date Purchase Issue Balance


    Units Cost/unit Amount Units Cost/unit Amount Units Cost/unit

    Feb/01 20 140

    Feb/04 50 142 7100 70 141.43

    Feb/07 30 141.43 4243 40 141.43

    Feb/10 60 145 8700 100 143.57

    Feb/14 20 143.57 2871 80 143.57

    Feb/20 30 147 4410 110 144.51

    Feb/26 40 144.51 5780 70 144.51

    Feb/29 80 148 11840 150 146.37


    Balance
    Amount

    2800

    9900

    5657

    14357

    11486

    15896

    10116

    21956

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