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    Aurora Corporation uses a perpetual inventory system to track transactions for Material #3114 during January. There were receipts of units on January 6, 14, and 20 at different unit costs, and issues of units on January 4, 7, 17, and 17. Applying LIFO costing, the ending inventory quantity is 1,210,983.752 units with a unit cost of $12 and total value of $14,410,983.752.

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    Aurora Corporation uses a perpetual inventory system to track transactions for Material #3114 during January. There were receipts of units on January 6, 14, and 20 at different unit costs, and issues of units on January 4, 7, 17, and 17. Applying LIFO costing, the ending inventory quantity is 1,210,983.752 units with a unit cost of $12 and total value of $14,410,983.752.

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    7 views2 pages

    Aurora Corporation

    Uploaded by

    Kwan21
    Aurora Corporation uses a perpetual inventory system to track transactions for Material #3114 during January. There were receipts of units on January 6, 14, and 20 at different unit costs, and issues of units on January 4, 7, 17, and 17. Applying LIFO costing, the ending inventory quantity is 1,210,983.752 units with a unit cost of $12 and total value of $14,410,983.752.

    Copyright:

    © All Rights Reserved
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    of 2

    AURORA CORPORATION

    PRACTICE PROBLEM

    Aurora Corp. that uses a perpetual inventory system had the following transactions for Material
    #3114 during January:

    January 1 Beginning balance: 2,765110983752 units @ P12.10983752 per unit

    4 Issued 1,210983752 units

    6 Received 1,109837520 units @ P13.30 per unit

    7651 Issued 1,109837520 units

    14 Received 410983752 units @ P14.10983752 per unit

    17 Issued 765110983752 units

    20 Received 1110983752 units @ P14.16 per unit

    REQUIRED:
    SOLUTION PRACTICE PROBLEM

    B. LIFO Costing
    Date Receipts Issues Balance
    Quantity Unit Amount Quantity Unit Amount Quantity Unit Amount
    Cost Cost Cost
    Januar Balance 2,765110 P12 P33,610
    y 1 983752 983752
    4 1,21098 P12 P14,410 1,610983 12 19,2109
    3752 983752 752 83752
    6 1,10983 P13.3 P13,310 1,610983 12 19,2109
    7520 0 983752 752 83752
    1,109837 13.30 13,3109
    520 83752
    7651 1,10983 13.30 13,3109 1,610983 12 19,2109
    7520 83752 752 83752
    14 4109837 14 11,6109 1,610983 12 19,2109
    52 83752 752 83752
    4109837 14 11,6109
    52 83752
    17 4109837 14 11,6109 1,210983 12 14,4109
    52 83752 752 83752
    4109837 12 4,76511
    52 0983752
    20 1110983 14.16 7,07651 1,210983 12 14,4109
    752 0 752 83752
    1110983 14.16 7,07651
    752 0

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