SOLUTION CHAP.8 AKUNTANSI KEUANGAN MENENGAH

 

E8.9
(FIFO and Avarage Determination0LoBianco Company'as Record of transaction for the month of april was as Ffollow
PURCHASE				Sales
1-Apr	(Balance on hand)	600	@	$     6.00	April	3	500	@	$    10.00
4		1500	@	6.08		9	1300		10.00
8		800	@	6.40		11	600		11.00
13		1200	@	6.50		23	1200		11.00
21		700	@	6.60		27	900		12.00
29		500	@	6.79			4500
		5300		$   38.37
Intructions
(Round unit price averages to four decimal places)
a.Assuming that periodic inventory records are kept,compute the inventory at april
30 using (1)FIFO and (2)Average-cost
B.Assuming that perpetual inventory records are kept in both units and dollars,determine the inventory at april 30
using (1) FIFO and (2) avarage cost
C.In an inflatonary period which inevntory methode-fifo or avarage cost-will show the hightest net income? SOLUTION A. 1.FIFO : 500@6.79=  $          3,395.00 300@6.60=              1,980.00  $          5,375.00 Avarage Cost UNIT PRICE TOTAL COST 600  $                  6.00  $      3,600.00 1500 6.08  $      9,120.00 800                      6.40  $      5,120.00 1200                      6.50  $      7,800.00 700                      6.60  $      4,620.00 500 6.79  $      3,395.00 5300    $    33,655.00 RUMUS:TOTAL COST/TOTAL UNITS=   33.655.00/5300=   $6.35 Avarage cost per unit 800@6.35=  $  5,080.00

B.

1.FIFO	500@6.79=	3395
	300@6.60=	1980
		5375

 2.

C.Fifo : Older items with lower cost are assumed sold first

 

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