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Calculate Inventory And Profit Sample Assignment

Q. Find out from the following data, the cost of goods sold, closing inventory and profit under LIFO methods of inventory valuation:
January                1,1999                                       Inventory 100 units at Rs. 3 each
January              31,1999                                      Purchases 120 units at Rs. 4 each
January              28,1999                                      Purchases 110 units at Rs. 5 each
February             31,1999                                      Purchases 140 units at Rs. 6 each
March
Sales for the period 400 units at Rs. 8 each.

Solution :

                                                 Cost of goods sold
            FIFO  = (100X3) + (120 X4) + (100X5) + (70X6)
                                 = 300 + 480 + 550 + 420 = 1,750
            FIFO = (140 X6) + (110X5) + (120X4) +(30X3)
                                 =  840 + 550 +480 +90 = 1,960
                                    Closing Inventory
                                    FIFO = 70 X 6 = Rs. 420
                                    LIFO = 70 X3  = rS. 210
           Profit                = Sales-Cost of goods sold
           FIFO                = (400X8)-1750 = 3,200-1,750         = Rs. 1,450
           LIFO                = (400X8)-1960 = 3,200-1,960         = Rs.1,240

Other Sample Assignments in Accounting Homework Assignment :

Calculate Cost of Land and Building	Calculate Depreciation
Calculate Depreciation By Equal	Calculate Depreciation Diminishing Balance
Calculate Depreciation Expense	Inventory Valuation
Calculate Cost Of Sale	Calculate Inventory And Profit
Fifo Lifo	Financial Statements profit and loss
Financal Statements

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