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FIFO, AVCO + NRV Solution

The document contains practice answers related to inventory management, detailing purchases, cost of sales, and balances over various dates. It includes multiple examples with calculations for quantities, rates, and amounts. The answers are structured in a tabular format for clarity and organization.

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usamaaliniamat
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14 views4 pages

FIFO, AVCO + NRV Solution

The document contains practice answers related to inventory management, detailing purchases, cost of sales, and balances over various dates. It includes multiple examples with calculations for quantities, rates, and amounts. The answers are structured in a tabular format for clarity and organization.

Uploaded by

usamaaliniamat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CHAPTER-7 Inventory

Practice Answers
Answer # 01:
(a)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 10 2 20
02 March 70 2.20 154 10 2 20
70 2.20 154
03 March 10 2 20
30 2.20 66 40 2.20 88
04 March 50 2.30 115 40 2.20 88
50 2.30 115
05 March 40 2.20 88
30 2.30 69 20 2.30 46
20 2.30 46
(b)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 10 2 20
02 March 70 2.20 154 80 2.18 174
03 March 40 2.18 87.20 40 2.18 87.20
04 March 50 2.30 115 90 2.25 202.20
05 March 70 2.25 157.50 20 2.25 45.00
20 2.25 45.00

3
CHAPTER-7 Inventory

Answer # 02:
(a)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 1,000 5.00 5,000
15 March 3,000 5.50 16,500 1,000 5.00 5,000
3,000 5.50 16,500
09 May 500 5.00 2,500 500 5.00 2,500
3,000 5.50 16,500
10 June 5,000 6.00 30,000 500 5.00 2,500
3,000 5.50 16,500
5,000 6.00 30,000
25 July 500 5.00 2,500
2,500 5.50 13,750 500 5.50 2,750
5,000 6.00 30,000
07 Sep 2,500 7.00 17,500 500 5.50 2,750
5,000 6.00 30,000
2,500 7.00 17,500
18 Oct 500 5.50 2,750
3,000 6.00 18,000 2,000 6.00 12,000
2,500 7.00 17,500
12 Nov 1,500 7.50 11,250 2,000 6.00 12,000
2,500 7.00 17,500
1,500 7.50 11,250
23 Nov 2,000 6.00 12,000
2,000 7.00 14,000 500 7.00 3,500
1,500 7.50 11,250
12 Dec 500 7.00 3,500
1,000 7.50 7,500 500 7.50 3,750
500 7.50 3,750
(b)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 1,000 5.00 5,000
15 March 3,000 5.50 16,500 4,000 5.38 21,500
09 May 500 5.38 2,688 3,500 5.38 18,813
10 June 5,000 6.00 30,000 8,500 5.74 48,813
25 July 3,000 5.74 17,228 5,500 5.74 31,585
07 Sep 2,500 7.00 17,500 8,000 6.14 49,085
18 Oct 3,500 6.14 21,474 4,500 6.14 27,610
12 Nov 1,500 7.50 11,250 6,000 6.48 38,860
23 Nov 4,000 6.48 25,907 2,000 6.48 12,953
12 Dec 1,500 6.48 9,715 500 6.48 3,238
500 6.48 3,238

4
CHAPTER-7 Inventory

Answer # 03:
(a)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 10 600 6,000
2 Feb 3 550 1,650 10 600 6,000
3 550 1,650
3 Feb 2 600 1,200 8 600 4,800
3 550 1,650
5 Feb 2 560 1,120 8 600 4,800
3 550 1,650
2 560 1,120
6 Feb 3 600 1,800 5 600 3,000
3 550 1,650
2 560 1,120
10 Feb 8 555 4,440 5 600 3,000
3 550 1,650
2 560 1,120
8 555 4,440
12 Feb 5 600 3,000 2 560 1,120
3 550 1,650 8 555 4,440
15 Feb 2 555 1,110 2 560 1,120
8 555 4,440
2 555 1,110
16 Feb 2 560 1,120 8 555 4,440
2 555 1,110
20 Feb 5 560 2,800 8 555 4,440
2 555 1,110
5 560 2,800
25 Feb 7 555 3,885 1 555 555
2 555 1,110
5 560 2,800
8 4,465

5
CHAPTER-7 Inventory

(b)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 10 600 6,000
2 Feb 3 550 1650 13 588.5 7,650
3 Feb 2 588.5 1,177 11 588.5 6,473
5 Feb 2 560.0 1,120 13 584.1 7,593
6 Feb 3 584 1,752 10 584.1 5,841
10 Feb 8 555.0 4,440 18 571.2 10,281
12 Feb 8 571.2 4,569 10 571.2 5,712
15 Feb 2 555.0 1,110 12 568.5 6,822
16 Feb 2 568.5 1,137 10 568.5 5,685
20 Feb 5 560.0 2,800 15 565.6 8,485
25 Feb 7 565.6 3,960 8 565.6 4,525
8 565.6 4,525
Answer # 04:
(a)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 300 22 6,600
10-Jan 400 23 9,200 300 22 6,600
400 23 9,200
14-Jan 300 22 6,600
200 23 4,600 200 23 4,600
20-Jan 400 25 10,000 200 23 4,600
400 25 10,000
21-Jan 200 23 4,600
300 25 7,500 100 25 2,500
25-Jan 400 26 10,400 100 25 2,500
400 26 10,400
28-Jan 100 25 2,500 400 26 10,400
29,600 25,800 400 26 10,400
(a)
Purchases (Receipts) Cost of Sales (Issues) Balance
Date
Qty Rate Amount Qty Rate Amount Qty Rate Amount
Bal. b/d 300 22 6,600
10-Jan 400 23 9,200 700 22.571 15,800
14-Jan 500 22.571 11,286 200 22.571 4,514
20-Jan 400 25 10,000 600 24.190 14,514
21-Jan 500 24.190 12,095 100 24.190 2,419
25-Jan 400 26 10,400 500 25.638 12,819
28-Jan 100 25.638 2,564 400 25.638 10,255
29,600 25,945 400 25.638 10,255

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