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Opening
8 units @ Rs 10
Balance 80 Total Inventory 24 units FIFO
02/Dec 6 units @ Rs. 12 72 Inv Issued 18 units 216
22/Dec 10 units @ Rs. 16 160 Closing stock 6 units 96
Sales 312
15/Dec 4 units @ Rs. 22 FIFO
31/Dec 14 units @ Rs. 25
231.42857 COGS
Balance
Amount
80
80
72
40
72
40
72
160
96 CS
80
152
104
264
60 CS
80
152
108.57143
268.57143
80.571429 CS
Example 4:
You are required to value the inventory (Cost of Sales and Ending Inventory) by FIFO, LIFO and Weighted average (Periodic Sys
Date Units @ Total CS
1 Jan Balance 100 10 Rs. 1,000
5 Jan Purchases 100 11 1,100
10 Jan Purchases 150 350 12 12
1,800
During the period 300 unit were sold @ Rs. 15 per unit 3900 11.14
600 CS
1000
100
1100
1800
500 cs
1000
2100
3900
557 cs
Illustration 1:
LIFO
01/Jan 1000 5
03/Jan 200 5.5 1100 1000 5
200 5.5
09/Jan 1000 5.5,5 5100 200 5
15/Jan 1400 6 8400 200 5
1400 6
17/Jan 1000 6 6000 200 5
400 6
21/Jan 800 6.5 5200 200 5
400 6
800 6.5
23/Jan 1000 6.5,6 6400 COGS
200 5
200 6
2600 cs
5000
5000
1100
1000
1000
8400
1000
2400
1000
2400
5200
1000
1200
2200 cs
5000
6100
1016
9416
3534
8734
2496 cs
Trading and Profit and Loss Account
Dr Cr
Particulars Amount Particulars Amount
Opening Stock Sales xxx
Purchases xxx Less: S Return xx 7000
Less: P Return xx Closing Stock 500
Add: Carriage I/w xx 3400
Wages 1500
Other Direct Expenses 500
Gross Profit 2100
7500 7500
Gross Profit