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Inventory Management - Assignment Example

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The lower of cost or market rule directs that businesses should record the cost of inventories at the lower cost between the original cost of the inventory and the prevailing market price. …
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Inventory Management
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"Inventory Management"

Download file to see previous pages Problem One
a) FIFO Method
March 1 3000 units @ $8.00 = $24000
March 8 5000 units @ $8.40 = $42000
Sales: March 14 4000 units @ $14.00 = $ 56000
C.O.G: March 14 3000 units @ $8.00 = $24000
1000 units @ $8.40 =$8400
Total: $32400
Inventory balance: 4000 units @8.40 = $33600
March 18: 6000 units @ 8.20 = $49200
Sales: March 25 7000 units @ $14.00 = $98000
C.O.G: March 25 4000 units @ $8.40 = $33600
3000 units @ $8.20 = $24600
Total: $58200
Inventory Balance: 3000 units @ 8.20 = $24600
Inventory balance as at March 2016 is $24600
Cost of Goods for the period ended March 2016 is $(32400 + 58200) = $90600

LIFO Method:
March 1 3000 units @ 8.00 = $24000
March 8 5000 units @ 8.40 = $42000
Sales: March 14 4000 units @ 14.00 = $56000 ...Download file to see next pagesRead More
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