Purchases Inventory-FIFO Periodic

Date Units Unit Cost (UC) Total Date Trans Units UC/SP
Mar. 5 500 50 25,000.00 Mar. 5 Purchase 500 50
10 100 60 6,000.00 7 Sale -200 50
19 400 65 26,000.00 Balance 300 50
Total 1,000 57,000.00 15 Sale -300 50
Balance 0
Sales 10 Purchase 100 60
Date Units Selling Price (SP) Total 21 Sale -100 60
Mar. 7 200 150 30,000.00 Balance 0
15 300 150 45,000.00 19 Purchase 400 65
21 100 180 18,000.00 21 Sale -200 65
200 195 39,000.00 Balance 200 65
27 100 195 19,500.00 27 Sale -100 65
Total 900 151,500.00 Balance 100 65
Note: Excluding the cost of freight
End 100 65 6,500 Inventory-FIFO Average
Date Trans Units UC/SP
Mar. 5 Purchase 500 50
10 Purchase 100 60
19 Purchase 400 65
Balance 1000 57
Note: Excluding the cost of freight
O Periodic
Cost
25,000.00
(10,000.00)
15,000.00
(15,000.00)
-
6,000.00
(6,000.00)
-
26,000.00
(13,000.00)
13,000.00
(6,500.00)
6,500.00

O Average
Cost
25,000.00
6,000.00
26,000.00
57,000.00
Inventory Beginning 0
Add: Net Purchases 58,480.00
Total Cost of Goods Available for Sale 58,480.00
Less: Inventory Ending (per count) (6,750.00)
Cost of Sales 51,730.00

Purchases 57,000.00
Freight In 2,000.00
Purchase Discount (520.00)
Net Purchases 58,480.00
Gross Sales 151,500.00
Sales Returns (15,000.00)
Net Sales 136,500.00
Net Sales 136,500.00
COS (51,730.00)
Gross Income 84,770.00
Operating Expenses:
Salaries Expense 10,000.00
Rent Expense 5,000.00
Supplies Expense 2,000.00
Depreciation Expen 416.67
Taxes & Licenses 10,000.00 (27,416.67)
Net Income (before tax) 57,353.33
 FIFO-Periodic
Inventory Beginning 0
Add: Net Purchases 56,480.00
Total Cost of Goods Available for Sale 56,480.00
Less: Inventory Ending (per count) (6,500.00)
Cost of Sales 49,980.00

Purchases 57,000.00
Freight In
Purchase Discount (520.00)
Net Purchases 56,480.00 Difference due to different cost
800.00
flow method used
FIFO-Weighted Average
Inventory Beginning 0
Add: Net Purchases 56,480.00
Total Cost of Goods Available for Sale 56,480.00
Less: Inventory Ending (per count) (5,700.00)
Cost of Sales 50,780.00
 Inventory-FIFO Periodic
Date Trans Units Price Cost
Mar. 5 Purchase 500 50 25,000.00
7 Sale -200 50 (10,000.00)
Balance 300 50 15,000.00
15 Sale -300 50 (15,000.00)
Balance 0 -
10 Purchase 100 60 6,000.00
21 Sale -100 60 (6,000.00)
Balance 0 -
19 Purchase 400 65 26,000.00
due to different cost 21 Sale -200 65 (13,000.00)
od used Balance 200 65 13,000.00
27 Sale -100 65 (6,500.00)
Balance 100 65 6,500.00
Note: Excluding the cost of freight
Inventory-FIFO Average
Date Trans Units Price Cost
Mar. 5 Purchase 500 50 25,000.00
10 Purchase 100 60 6,000.00
19 Purchase 400 65 26,000.00
Balance 1000 57 57,000.00
Note: Excluding the cost of freight
 Statement of Cost of Goods Sold

Raw Material Inventory Beginning 100,000.00

Net Purchases 1,000,000.00
Raw Materials Available for Use 1,100,000.00
Raw Material Inventory Ending (600,000.00)
Direct Material Costs (Used) 500,000.00
Direct Labor Costs 700,000.00
Factory Overhead 400,000.00
Total Manufacturing Costs 1,600,000.00
Work in Process Inventory Beginning 1,200,000.00
Total Cost of Goods in Process 2,800,000.00
Work in Process Inventory Ending (800,000.00)
Cost of Goods Manufactured 2,000,000.00
Finished Goods Inventory Beginning 1,000,000.00
Goods Available for Sale 3,000,000.00
Finished Goods Inventory Ending (1,500,000.00)
Cost of Goods Sold 1,500,000.00
 Purchases FIFO-Periodic
Date Units Price Total Inventory Beginning
Mar. 5 500 50 25,000.00 Add: Net Purchases
10 100 60 6,000.00 Total Cost of Goods Available for Sale
19 400 65 26,000.00 Less: Inventory Ending (per count)
Total 1,000 57 57,000.00 Cost of Sales

Sales Weighted Average-Periodic

Date Units Price Total Inventory Beginning
Mar. 7 200 150 30,000.00 Add: Net Purchases
15 350 150 52,500.00 Total Cost of Goods Available for Sale
Less: Inventory Ending (per count)
Cost of Sales

Total 550 82,500.00

LIFO-Periodic
End 450 - Inventory Beginning
Add: Net Purchases
Total Cost of Goods Available for Sale
Less: Inventory Ending (per count)
Cost of Sales
iodic FIFO-Perpetual
Inventory Beginning 0
57,000.00 Add: Net Purchases 57,000.00
57,000.00 Total Cost of Goods Available for Sale 57,000.00
(29,000.00) Less: Inventory Ending (per count) (29,000.00)
28,000.00 Cost of Sales 28,000.00

Weighted Average-Perpetual
0 Inventory Beginning 0
57,000.00 Add: Net Purchases 57,000.00
57,000.00 Total Cost of Goods Available for Sale 57,000.00
(25,650.00) Less: Inventory Ending (per count) (28,625.00)
31,350.00 Cost of Sales 28,375.00

iodic az
0 Inventory Beginning 0
57,000.00 Add: Net Purchases 57,000.00
57,000.00 Total Cost of Goods Available for Sale 57,000.00
(22,500.00) Less: Inventory Ending (per count) (28,500.00)
34,500.00 Cost of Sales 28,500.00
 Purchases WA-Perpetual
Date Units Unit Cost Total Date Transaction Units
Mar. 5 500 50 25,000.00 Mar. 5 Purchase 500
10 100 60 6,000.00 7 Sale (200)
19 400 65 26,000.00 Balance 300
Total 1,000 57 57,000.00 10 Purchase 100
Total 400
Sales 15 Sale (350)
Date Units Unit Cost Total Balance 50
Mar. 7 200 150 30,000.00 19 Purchase 400
15 300 150 45,000.00 Total 450

Total 500 75,000.00

End 500 -
A-Perpetual LIFO-Perpetual
Unit Cost Total Purchases Sales
50.00 25,000.00 Units Unit Cost Total Cost Units Unit Cost
50.00 (10,000.00) Mar. 5 500 50 25,000.00
50.00 15,000.00 7 200 50
60.00 6,000.00 10 100 60 6,000.00
52.50 21,000.00 15 100 60
52.50 (18,375.00) 250 50
52.50 2,625.00 19 400 65 26,000.00
65.00 26,000.00
63.61 28,625.00
Perpetual
Sales Balance
Total Cost Units Unit Cost Total Cost
500 50 25,000.00
10,000.00 300 50 15,000.00
100 60 6,000.00
6,000.00
12,500.00 50 50 2,500.00
50 50 2,500.00
400 65 26,000.00