FIFO

The following purchases and issues were made in the store of Sun Company during the
month of October 2007.

 Units Purchased on 5/10 500 at L.E. 100 per unit

 Units Issued on 8/10 200 units
 Units Issued on 10/10 100 units
 Units Purchased on 15/10 600 at L.E. 110 per unit
 Units Issued on 18/10 300 units
 Units Issued on 24/10 200 units
 Units Purchased on 29/10 500 at L.E. 120 per unit
 Units Issued on 30/10 400 units

Required: show the flow of inventory under:

A- First-In, First-Out method (F.I.F.O) method

B- Average method
 F.I.F.O

PURCHASES Issued Balance

Price Price Price
Date
Quantity per Value Quantity per Value Quantity per Value
unit unit unit
5/10 50000 500 100 50000
500 100 — — —

8/10 200 100 20000 300 100 30000

10/10 100 100 10000 200 100 20000

200 100 20000
15/10 600 110 66000 600 110 66000
800 86000
200 100 20000
18/10 100 110 11000 500 110 55000
300 31000
300 110 33000
24/10 200 110 22000

300 110 33000

500 120 60000

29/10 500 120 60000

93000
300 110 33000 400 120 48000
30/10 100 120 12000
400 45000
`
 Average
PURCHASES Issued Balance
Price Price Price
Date
Quantity per Value Quantity per Value Quantity per Value
unit unit unit
5/10 50000 500 100 50000
500 100 — — —

8/10 200 100 20000 300 100 30000

10/10 100 100 10000 200 100 20000

200 100 20000
15/10 600 110 66000 600 110 66000
800 86000

18/10 300 107.5 32250 500 107.5 53750

24/10 200 107.5 21500 300 107.5 32250

300 107.5 32250
29/10 500 120 60000 500 120 60000
800 92250

30/10 400 115.3 46125 400 115. 3 46120