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.

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.

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