papatoyin Posts: 1, Reputation: 1 New Member #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 Posts: 6, Reputation: 1 New Member #2 May 9, 2009, 11:59 PM

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.

Attached Files
1. Papatoyin 05102009 Inventory Valuation.xls (26.5 KB, 625 views)
2.  JudyKayTee Posts: 46,505, Reputation: 4600 Uber Member #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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