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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Inventory Computation Using Different Cost Flows
The Gidewall Corporation uses part 210 in a manufacturing process. Information as to balances on hand, purchases, and requisitions of part 210 is given in the following table:
|
 |
Quantities |
 |
 |
Unit |
|
Date |
Received |
Issued |
Balance |
Purchase Price |
|
January 8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
— |
200 |
$1.55 |
|
January 29Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
200 |
— |
400 |
1.70 |
|
February 8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
80 |
320 |
— |
|
March 20Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
160 |
160 |
— |
|
July 10Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
150 |
— |
310 |
1.75 |
|
August 18Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
110 |
200 |
— |
|
September 6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
75 |
125 |
— |
|
November 14Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
250 |
— |
375 |
2.00 |
|
December 29Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
— |
100 |
275 |
— |
Instructions:Â What is the closing inventory under each of the following pricing methods? (Round unit costs to three decimal places.)
1. Perpetual FIFO
2. Periodic FIFO
3. Perpetual LIFO
4. Periodic LIFO
5. Perpetual average
6. Periodic average
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