Ask Experts Questions for FREE Help !
Ask
    papatoyin's Avatar
    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's Avatar
    annalizagaspar Posts: 6, Reputation: 1
    New Member
    		  
    #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, 733 views)
    2. JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, 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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I'm having trouble figuring out COGS using LIFO/FIFO/Average Cost method(s) [ 1 Answers ]

Canfield uses a perpetual inventory system. The company’s beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 50 $6 $300 Purchase (Jan. 10) 25 7 175...

Perpetual FIFO LIFO Average-Cost Method [ 0 Answers ]

I just can not figure out how to perform FIFO LIFO and average cost method under the Perpetual inventory system.

Fifo lifo weighted average [ 1 Answers ]

I need help figuring out how to find the ending inventory. I also need help computing fifo lifo and weighted average.

Find Cost of goods sold and ending inventory using.average cost/FIFO/LIFO [ 2 Answers ]

I'm having a hard time with the fifo and lifo method... of this question Began with 73 yards @ 23 per yard During the month the company made the following purchases. March 3/4 113 yards @ 27 3/12 81 yards @ 29 3/19 167 yards @ 32 3/25 44 yards @ 35

Perpetual LIFO, FIFO, moving average cost [ 2 Answers ]

:confused: I have an exam in my acct class, ugh... so lost!! I thought I had this all clear but I have done this problem multiple times and can't end up with our designated answer, can someone help? Any help on any part of the problem would help me out a lot, very lost :( Smith is a retailer in...

View more questions Search