the questions are on the slide I tried at the bottom please

the questions are on the slide. I tried at the bottom please correct if wrong. Fifo, Lifo, WA at periodic and perpetual. please, please, please explain.

Sold 00 isI 400 1?Goo Cost Flow Assumptions Example - Perpetual and Periodic Methods age 90 15 75 Inventory information for Part 686 for the month of June. June 1 Beg. Balance 300 units @$10 S 3,000 10 Sold 11 Purchased 800 units @ $12-9.600 15 Sold 200 units @ $24 14 500 units $25 Sed 2 1. Assuming the Perpetual Inventory Method, compute the Cost of Goods Sold and Ending Inventory under FIFO, LIFO, and Average cost. Assuming the Periodic Inventory Method, compute the Cost of Goods Sold and Ending Inventory under FIFO, LIFO, and Average cost 2. 30 Ce 2 LISD e 4711 e uso Cost Flow Assumptions IFO: Transactions Perpetual4n 100 Inventory J11 00 Jun 1 500(100)(40 ds ble Jun 15 Jun 20 50 Jun 27 (300 100 00 00 1.100

Solution

Perpetual Inventory Method

FIFO

Purchased

Sales

Closing

Units

Rate

Amount

Units

Rate

Amount

Units

Rate

Amount

1-Jun

300

$     10.00

$    3,000.00

10-Jun

200

$     10.00

$ 2,000.00

100

$     10.00

$    1,000.00

11-Jun

800

$          12.00

$    9,600.00

100

$     10.00

$    1,000.00

800

$     12.00

$    9,600.00

900

$ 10,600.00

15-Jun

100

$     10.00

$ 1,000.00

400

$     12.00

$ 4,800.00

400

$     12.00

$    4,800.00

Under Fifo Method Those Inventory are sold First which are Purchased first .

See the sales of 500 Units on Jun 15, 100 units purchased first are taken first and then 400 units are taken from purchases made on 11th june.

LIFO

Purchased

Sales

Closing

Units

Rate

Amount

Units

Rate

Amount

Units

Rate

Amount

1-Jun

300

$     10.00

$    3,000.00

10-Jun

200

$     10.00

$ 2,000.00

100

$     10.00

$    1,000.00

11-Jun

800

$          12.00

$    9,600.00

100

$     10.00

$    1,000.00

800

$     12.00

$    9,600.00

900

$ 10,600.00

15-Jun

500

$     12.00

$ 6,000.00

100

$    10.00

$    1,000.00

300

$     12.00

$    3,600.00

400

$    4,600.00

Value of Closing Stock Under Lifo is $ 4600.

Stock purchased last is issued first

Weighted Average

Purchased

Sales

Closing

Units

Rate

Amount

Units

Rate

Amount

Units

Rate

Amount

1-Jun

300

$     10.00

$    3,000.00

10-Jun

200

$     10.00

$ 2,000.00

100

$     10.00

$    1,000.00

11-Jun

800

$          12.00

$    9,600.00

100

$     10.00

$    1,000.00

800

$     12.00

$    9,600.00

900

$     11.00

$ 10,600.00

15-Jun

500

$     11.00

$ 5,500.00

400

$     11.00

$    4,400.00

Value of Closing Stock is $4400.

Goods are issued at an Average cost of closing stock before issue.

Calculation of Cost of Goods Sold

FIFO

LIFO

Weighted Average

(A) Ending Inventory

$    4,800.00

$    4,600.00

$                   4,400.00

(B) Cost of Purchase

$ 12,600.00

$ 12,600.00

$                12,600.00

(C=B-A)Cost of Goods Sold

$    7,800.00

$    8,000.00

$                   8,200.00

Periodic Inventory Method

Units

Cost per unit

value

Opening Stock

300

$             10.00

$                  3,000.00

Purchases

Feb

800

$             12.00

$                  9,600.00

Goods Available for Sale

1100

12600

Sold

700

The Cost of Goods Available for sale are $ 14292.

Average Cost of Inventory

Units

(A)

1100

Total Cost

(B)

$    12,600.00

Average Cost

(C=B/A)

11.455

FIFO

Total Units Available for sale

1100

Units Sold

700

Closing Stock in Units

400

Valuation

Closing stock

400

@

$                        12.00

$      4,800.00

Value Of Closing Stock

$      4,800.00

Cost of Goods sold

(12600-4800)

$      7,800.00

LIFO

Total Units Available for sale

1100

Units Sold

700

Closing Stock in Units

400

Valuation

Closing stock

300

@

$                        10.00

$      3,000.00

100

@

$                        12.00

$      1,200.00

Value Of Closing Stock

$      4,200.00

Cost of Goods sold

(12600-4200)

$      8,400.00

Weighted Average

Total Units Available for sale

1100

Units Sold

700

Closing Stock in Units

400

Valuation

Closing stock

400

@

$                     11.455

$      4,581.82

Value Of Closing Stock

$      4,581.82

Cost of Goods sold

(12600-4581.82)

$      8,018.18

Under Periodic Inventory method Stock records are updated at the end of the year only.

Perpetual Inventory Method
FIFO
	Purchased	Sales	Closing
	Units	Rate	Amount	Units	Rate	Amount	Units	Rate	Amount
1-Jun							300	$     10.00	$    3,000.00
10-Jun				200	$     10.00	$ 2,000.00	100	$     10.00	$    1,000.00
11-Jun	800	$          12.00	$    9,600.00				100	$     10.00	$    1,000.00
							800	$     12.00	$    9,600.00
							900		$ 10,600.00
15-Jun				100	$     10.00	$ 1,000.00
				400	$     12.00	$ 4,800.00	400	$     12.00	$    4,800.00