MERCHANDISE INVENTORY

(FIFO)

DATE Receipts Issues Balances

Particulars Qty Rate Amount Qty Rate Amount Qty Rate Amount
$ $ $ $ $ $ $ $ $
July 1 Beginning Inventory 1000 12 12000 1000 12 12000

July 7 Purchase 500 14 7000 500 14 7000

July 11 Sales 700 12 8400 300 12 3600

July 18 Sales 300 12 3600 500 14 7000

July 20 Purchase 1000 15 15000 300 14 4200 200 14 2800

July 25 Sale 200 14 2800

200 14 2800 1000 15 15000

400 15 6000 600 15 9000

2500 34000 1900 25000

Value of Closing Stock = 600 Units @15 = 9000 $

Cost of Goods Sold :

Cost of Purchase = 34000 $

- Closing Stock = -9000 $
Cost of Goods Sold = 25000 $
 MERCHANDISE INVENTORY

(LIFO)

DATE Receipts Issues Balances

Particulars Qty Rate Amount Qty Rate Amount Qty Rate Amount
$ $ $ $ $ $ $ $ $
July 1 Beginning Inventory 1000 12 12000 1000 12 12000

July 7 Purchase 500 14 7000 500 14 7000

July 11 Sales 500 14 7000

July 18 Sales 200 12 2400 800 12 9600

600 12 7200 200 12 2400

July 20 Purchase 1000 15 15000 200 12 2400

1000 15 15000

July 25 Sales 600 15 9000 200 12 2400

400 15 6000

2500 34000 1900 25000

Value of Closing Stock = 200 Units @ 12 = 2400 $

= 400 Units @ 15=6000 $

Cost of Goods Sold :

Cost of Purchase = 34000 $

- Closing Stock = -8400 $
Cost of Goods Sold = 256000 $
 Weighted Average Method

DATE Receipts Issues Balances

Particulars Qty Rate Amount Qty Rate Amount Qty Rate Amount
$ $ $ $ $ $ $ $ $
July 1 Beginning Inventory 1000 12 12000

July 7 Purchase +500 14 7000

July 11 Sales -700

July 18 Sales -600

July 20 Purchase 1000 15 15000

July 25 Sale -600

600 34000

Beginning Inventory =1000

+Purchase 1500

2500

Total Cost= 34000

Weighted average Cost Per unit=34000 =13.60

2500
Closing Inventory valuation

=600 Units @ 13.60=8160

Cost of Goods Sold=1900 @ 13.60 =25840