8-23

Name: SOLUTION
Enter the appropriate amounts in the shaded cells in columns C, D, E, F, I, K, N and P.

1)
Date
9-1
9-6

Quantity

Received
Unit Cost

100

$ 4.50

FIFO (perpetual) Inventory Record - Product AB

Issued
Cost
Quantity
Unit Cost
Cost
$

450

9-12
9-13
9-18

200

$ 6.00

$ 1,200

9-20

200

4.00

800

9-25

Ending inventory value:

100 units @ $ 6.00
200 units @ $ 4.00
300
2)

$ 5.00

$ 1,500

200

5.00

1,000

100
100

4.50
6.00

450
600

Balance
Unit Cost
Cost
$ 5.00 $ 2,500
5.00
2,500
4.50
450
5.00
1,000
4.50
450
4.50
450
4.50
450
6.00
1,200
4.50
450
6.00
1,200
4.00
800
6.00
600
4.00
800

Quantity
500
500
100

Balance
Unit Cost
Cost
$ 5.00 $ 2,500
5.00
2,500
4.50
450

600
800
$ 1,400

FIFO (periodic) ending inventory value:

200 units @ $ 4.00
$ 800
100 units @ $ 6.00
600
300
$ 1,400

3)
Date
9-1
9-6

Quantity

Received
Unit Cost

100

$ 4.50

LIFO (perpetual) Inventory Record - Product AB

Issued
Cost
Quantity
Unit Cost
Cost
$

450

9-12
9-13
9-18

200

6.00

$ 1,200

9-20

200

4.00

Ending inventory value:

100 units @ $ 5.00
200 units @ $ 6.00
300
LIFO (periodic) ending inventory value:
300 units @ $ 5.00

100
200
200

$ 4.50
5.00
5.00

200

4.00

450
1,000
1,000

800

9-25

4)

300

Quantity
500
500
100
200
100
100
100
200
100
200
200
100
200

500
1,200
$ 1,700

$ 1,500

800

300
100
100
200
100
200
200
100
200

5.00
5.00
5.00
6.00
5.00
6.00
4.00
5.00
6.00

1,500
500
500
1,200
500
1,200
800
500
1,200