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    papatoyin's Avatar
    papatoyin Posts: 1, Reputation: 1
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    #1

    May 9, 2009, 11:03 PM
    fifo.lifo average, standard cost
    using all 4 inventory valuing methods determine the value of the material used as well as what is left on hand
    standard cost =$7.00
    starting balance=1,000X $7,000
    shipment in order of receipt
    #1 4000 @ $10.00
    #2 2000 @ $11.00
    #3 6000 @ $8.00
    total used = 8350
    please when answering my question show the solution in steps so that I can understand and be able to do it myself next time. Thanks.
    annalizagaspar's Avatar
    annalizagaspar Posts: 6, Reputation: 1
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    #2

    May 9, 2009, 11:59 PM
    I have created the attached excel file to help you. Please click on each cell to follow the formulas.

    Answers:
    Value of materials used

    LIFO 73,500
    FIFO 80,800
    Moving Average 76,541.67
    Value of left on hand

    LIFO 36,500
    FIFO 29,200
    Moving Average 33,458.33

    Please note that the problem and the information you have given allows only 3 of the inventory valuation methods, namely LIFO, FIFO and moving average - specific identification was not included.

    I computed the value of materials used and ending inventory using periodic inventory system. Note that perpetual inventory system is not possible since the dates of the shipment and usages of materials were NOT given.

    Please don't forget to rate me and my reply to your question. Happy studying!
    Attached Files
  1. File Type: xls Papatoyin 05102009 Inventory Valuation.xls (26.5 KB, 752 views)
    2. JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    May 10, 2009, 07:16 AM

    This appears to be homework - the site does not do homework for people. "We" assist, review, correct, evaluate - but "we" don't do the work.
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