DREXEL INTERNATIONAL SCHOOL

CLASS-XI
CLASS TEST-1
CH-VALUATION OF INVENTORY
 Date Goods In Goods Issued Inventory in Hand
Price Quantity Price Quantity Price Quantity Value
1/6/X2 1000 4
3/6/X2 2100 5 2100 5
6/6/X2 1500 5.50 1500 5.50
9/6/X2 2500 - 600 5
1500 5.50
12/6/X2 3000 6 3000 6
14/6/X2 3500 - 1600 6 9600

1.B.i)

FIFO

Ans. Closing inventory in FIFO method-Quantity=1600 OF $6 ,Price=$9600.

Date Goods In Goods Issued Inventory in Hand

Price Quantity Price Quantity Price Quantity Value
1/6/X2 1000 4
3/6/X2 2100 5 2100 5
6/6/X2 1500 5.50 1500 5.50
9/6/X2 2500 - 600 5
1500 5.50
12/6/X2 3000 6 3000 6
14/6/X2 3500 - 1600 6 9600

Date Goods In Goods Issued Inventory in Hand

Price Quantity Price Quantity Price Quantity Value
1/6/X2 1000 4 4000
3/6/X2 2100 5 2100 5 10500
6/6/X2 1500 5.50 1500 5.50 8250
9/6/X2 2500 - 600 5 3000
1500 5.50 8250
12/6/X2 3000 6 3000 6 18000
14/6/X2 3500 - 1600 6 9600
1.B.ii)

LIFO

Ans. Closing inventory in LIFO method-Quantity=(600+1000)1600 , 600 of $5.50, 1000 of $4

,Price=$7300.

Date Goods In Goods Issued Inventory in Hand

 Price Quantity Price Quantity Price Quantity Value TOTAL
1/6/X2 .1000 4 4000 X
3/6/X2 2100 5 ..2100 5 10500 X
6/6/X2 1500 5.50 …1500 5.50 8250 X
9/6/X2 2500 - ….1100 5 5500 X
..1000 4 4000 X
12/6/X2 3000 6 3000 6 18000 X
14/6/X2 3500 - 600 5.50 3300
1000 4 4000 7300