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2nd Assignment After Mid Term

Exercise 9-7

Date
1-Apr
5-Apr

Using FIFO Method


Reciets
Issue
Quantity Per Unit Cost Total Cost Quantity Per Unit Cost Total Cost
26
50
1,300

11-Apr

15

53

795

21-Apr

9
3
4

50
53
53

450
159
212

28-Apr

30-Apr

54

378

Ending Inventory

22

1,173

42

2,121

rm

Balance
Quantity Per Unit Cost Total Cost
35
50
1,750
9
50
450
9
50
450
15
53
795
12

53

636

8
8
7

53
53
54

424
424
378
802

15

2nd Assignment After Mid Term


Exercise 9-11
Part A

Using FIFO Method


Reciets
Issue
Date
Quantity Per Unit Cost Total Cost Quantity Per Unit Cost Total Cost
Beginning Inventory
2
15
45
675
3

31

47

1,457
-

40

50

2,000

Ending Inventory

71

97

3,457

5
22

45
47

225
1,034
-

9
26
77

47
50
184

423
1,300
2,357

Part B

Using LIFO Method


Reciets
Issue
Date
Quantity Per Unit Cost Total Cost Quantity Per Unit Cost Total Cost
Beginning Inventory
2
15
45
675
3

31

47

1,457
-

27

47

1,269

40

50

2,000

35

50

1,750

Ending Inventory

71

97

3,457

77

142

3,694

rm

d
Balance
Quantity Per Unit Cost Total Cost
20
45
900
5
45
225
5
45
225
31
47
1,457
9

47

423

9
40

47
50

423
2,000

14

50

700

14

700

od
Quantity
20
5
5
31
5
4
5
4
40
5
4
5
14

Balance
Per Unit Cost Total Cost
45
900
45
225
45
225
47
1,457
45
225
47
188
45
225
47
188
50
2,000
45
225
47
188
40
200
613

2nd Assignment After Mid Term


Exercise 9-12
Part A
Reciets
Quantity Per Unit Cost Total Cost
Beginning Inventory
Date

Using FIFO Method


Issue
Quantity
Per Unit Cost
-

4-Feb

12

30

360

20-Jul

14

32

448

30-Dec

33

264

6
12
11
29

28
30
32
90

Ending Inventory

34

95

1,072

Part B
Reciets
Quantity Per Unit Cost Total Cost
Beginning Inventory
Date

Using LIFO Method


Issue
Quantity
Per Unit Cost
-

4-Feb

12

30

360

20-Jul

14

32

448

30-Dec

33

264

34

95

1,072

Ending Inventory

Part C
Date

Reciets

8
14
7
22

33
32
30
65

Using Average Cost Method


Issue

Date

Quantity Per Unit Cost Total Cost


Beginning Inventory
-

Quantity
-

Per Unit Cost


-

4-Feb

12

30

360

20-Jul

14

32

448

30-Dec

33

264

34

95

1,072

Ending Inventory

29

31

29

31

Per Unit Cost =

Total Cost
Total Units

Per Unit Cost =

1240
40

Per Unit Cost =

31.00

Mid Term

O Method
ue
Total Cost Quantity
6
6
12
6
12
14
6
12
14
8
168
3
360
8
352
880
11

Balance
Per Unit Cost Total Cost
28
168
28
168
30
360
28
168
30
360
32
448
28
168
30
360
32
448
33
264
32
96
33
264
360

Total Cost Quantity


6
6
12
6
12
14
6
12
14
8
264
6
448
5

Balance
Per Unit Cost Total Cost
28
168
28
168
30
360
28
168
30
360
32
448
28
168
30
360
32
448
33
264
168
28
150
30

O Method
ue

Cost Method
ue

712

11

318

Balance

Total Cost Quantity Per Unit Cost Total Cost


6
28
168
6
28
168
12
30
360
6
28
168
12
30
360
14
32
448
6
28
168
12
30
360
14
32
448
8
33
264
899
11
31
341
899
11
341

2nd Assignment After Mid Term


Exercise 9-13
Part A

Using FIFO Method


Reciets
Issue
Date
Quantity Per Unit Cost Total Cost Quantity
Per Unit Cost
Beginning Inventory
4-Mar

58

130

7,540

7-Aug

20

136

2,720

15-Nov

30

140

4,200

42
58
14
114

120
130
136

Ending Inventory

108

14,460

Part B

Using LIFO Method


Reciets
Issue
Date
Quantity Per Unit Cost Total Cost Quantity
Per Unit Cost
Beginning Inventory
4-Mar

58

130

7,540

7-Aug

20

136

2,720

15-Nov

30

140

4,200

30
20
58
6
114

140
136
130
120

Ending Inventory

108

14,460

Part C
Date

Reciets

Using Average Cost Method


Issue

Date

Quantity Per Unit Cost Total Cost Quantity


Beginning Inventory
-

Per Unit Cost


-

4-Mar

58

130

7,540

7-Aug

20

136

2,720

15-Nov

30

140

4,200

14,460

114
114

130

Ending Inventory

108

Per Unit Cost =

Per Unit Cost =

Per Unit Cost =

Mid Term

FO Method
ssue
Balance
Total Cost Quantity Per Unit Cost Total Cost
42
120
5,040
42
120
5,040
58
130
7,540
42
120
5,040
58
130
7,540
20
136
2,720
42
120
5,040
58
130
7,540
20
136
2,720
30
140
4,200
5,040
6
136
816
7,540
30
140
4,200
1,904
14,484
36
5,016

FO Method
ssue
Balance
Total Cost Quantity Per Unit Cost Total Cost
42
120
5,040
42
120
5,040
58
130
7,540
42
120
5,040
58
130
7,540
20
136
2,720
42
120
5,040
58
130
7,540
20
136
2,720
30
140
4,200
4,200
2,720
36
120
4,320
7,540
720
14,460
36
4,320

ge Cost Method
ssue

Balance

Total Cost Quantity Per Unit Cost Total Cost


42
120
5,040
42
120
5,040
58
130
7,540
42
120
5,040
58
130
7,540
20
136
2,720
42
120
5,040
58
130
7,540
20
136
2,720
30
140
4,200
14,820
36
130
4,680
14,820
36
4,680

Total Cost
Total Units
19,500
150
130.00

2nd Assignment After Mid Term


Exercise 9-14
Part 1
A
B
C
D

Part 2

LIFO Inventory = FIFO Inventory


LlFO cost of goods sold > LlFO cost of goods sold
LIFO Net Income < FIFO NET Income
LIFO Income Tax < FIFO Income Tax

Why would management perfer to use lifo over fifo in periods of rising prices?
Managers perfers LIFO method over FIFO method because
through LIFO method the rate of profit remains low and
due to this tax liability also decreases which causes
bonuses for them.

2nd Assignment After Mid Term


Exercise 9-15
Using LCM Method
Items
M76
T53
A19
J81
K10
Total

Quantity Cost Price Per unit


8
150
20
75
10
275
15
50
25
101
78

Total Cost Price Market Price Per Unit


1,200
160
1,500
70
2,750
260
750
40
2,525
105
8,725

Mid Term

hod
Total Market Price Lower of Cost or Market
1,280
1,200
1,400
1,400
2,600
2,600
600
600
2,625
2,525
8,505
8,325

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