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    Format For LIFO, FIFO and Avg Cost

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    Abdul Hanan
    The document shows templates for stores ledger cards to track inventory using three different costing methods - FIFO, LIFO, and average. It includes sections to calculate cost of goods manufactured, cost per unit manufactured, cost of goods sold, and cost of closing finished goods inventory under each of the three methods. The templates will be used to record inventory receipts and issues to determine ending balances and costs using FIFO, LIFO, and average costing principles.

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    Format For LIFO, FIFO and Avg Cost

    Uploaded by

    Abdul Hanan
    14 views3 pages
    The document shows templates for stores ledger cards to track inventory using three different costing methods - FIFO, LIFO, and average. It includes sections to calculate cost of goods manufactured, cost per unit manufactured, cost of goods sold, and cost of closing finished goods inventory under each of the three methods. The templates will be used to record inventory receipts and issues to determine ending balances and costs using FIFO, LIFO, and average costing principles.

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    Format for LIFO, FIFO and Avg Cost

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    The document shows templates for stores ledger cards to track inventory using three different costing methods - FIFO, LIFO, and average. It includes sections to calculate cost of goods manufactured, cost per unit manufactured, cost of goods sold, and cost of closing finished goods inventory under each of the three methods. The templates will be used to record inventory receipts and issues to determine ending balances and costs using FIFO, LIFO, and average costing principles.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    14 views3 pages

    Format For LIFO, FIFO and Avg Cost

    Uploaded by

    Abdul Hanan
    The document shows templates for stores ledger cards to track inventory using three different costing methods - FIFO, LIFO, and average. It includes sections to calculate cost of goods manufactured, cost per unit manufactured, cost of goods sold, and cost of closing finished goods inventory under each of the three methods. The templates will be used to record inventory receipts and issues to determine ending balances and costs using FIFO, LIFO, and average costing principles.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 3

    Stores Ledger Card

    FIFO Basis

    Date Received Issued Balance


    Units Unit Amount Units Unit Amount Units Unit Cost Amount
    Cost (Rs.) Cost (Rs.) (Rs.) (Rs.)
    (Rs.) (Rs.)
    Balance B/d

    Total Material used:

    Stores Ledger Card


    LIFO Basis

    Date Received Issued Balance


    Units Unit Amount Units Unit Amount Units Unit Cost Amount
    Cost (Rs.) Cost (Rs.) (Rs.) (Rs.)
    (Rs.) (Rs.)
    Balance B/d

    Total Material used:


    Stores Ledger Card
    Average Basis

    (For Unit cost Round to the 5th Decimal)

    Date Received Issued Balance


    Units Unit Amount Units Unit Amount Units Unit Cost Amount
    Cost (Rs.) Cost (Rs.) (Rs.) (Rs.)
    (Rs.) (Rs.)
    Balance B/d

    Total Material used:


    Calculation of Cost of Goods Manufactured:

    Cost of Goods Manufactured:


    FIFO Basis LIFO Basis Average Cost
    Direct Material

    Direct Labor

    Factory Over Head

    Total manufacturing Cost

    Cost Per Unit Manufactured: Total Manufacturing Cost / Total unit Manufactured

    Total Unit Manufactured:

    Cost Per Unit Manufactured:


    FIFO Basis LIFO Basis Average Cost
    Total manufacturing Cost

    Total Units Manufactured

    Cost Per Unit Manufactured:

    Calculation of Cost of Goods Sold:

    Cost of Goods Sold:


    FIFO Basis LIFO Basis Average Cost
    Unit Sold x Cost per unit
    Manufactured

    Calculation of the Cost of Closing Finished Good Inventory:

    Cost of Closing Finished Good Inventory:


    FIFO Basis LIFO Basis Average Cost
    Units of Closing Inventory-FG x
    Cost per unit Manufactured

    Note:

    Balance of Finished Goods Closing Inventory = Units Manufactured – Units Sold

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