ASEUL CORPORATION

PRACTICE PROBLEM

Aseul Corp. that uses a perpetual inventory system had the following transactions for Material
#32 during May:

May 1 Beginning balance: 2,800 units @ P12.00 per unit

4 Issued 1,200 units

6 Received 1,000 units @ P13.30 per unit

8 Issued 1,000 units

14 Received 400 units @ P14.00 per unit

17 Issued 800 units

20 Received 500 units @ P14.16 per unit

REQUIRED:
SOLUTION PRACTICE PROBLEM

B. LIFO Costing
Date Receipts Issues Balance
Quantity Unit Amount Quantity Unit Amount Quantity Unit Amount
Cost Cost Cost
July 1 Balance 2,800 P12 P33,600
4 1,200 P12 P14,400 1,600 12 19,200
6 1,000 P13.3 P13,300 1,600 12 19,200
0
1,000 13.30 13,300
8 1,000 13.30 13,300 1,600 12 19,200
14 400 14 5,600 1,600 12 19,200
400 14 5,600
17 400 14 5,600 1,200 12 14,400
400 12 4,800
20 500 14.16 7,080 1,200 12 14,400
500 14.16 7,080