## Answers

FIFO method | ||||||||||||

Purchase(receipt) | Sale | Balance | ||||||||||

Date | Qty. | Rate | Amount | Qty. | Rate | Amount(Rs.) | Qty. | Rate | Amount | |||

Beg. Bal. | 01-Mar | 5 | 30 | $150 | 5 | 30 | $150 | |||||

03-Mar | 50 | 35 | $1,750 | 5 | 30 | $150 | ||||||

50 | 35 | $1,750 | ||||||||||

06-Mar | 100 | 40 | $4,000 | 5 | 30 | $150 | ||||||

50 | 35 | $1,750 | ||||||||||

100 | 40 | $4,000 | ||||||||||

17-Mar | 5 | 30 | $150 | |||||||||

40 | 35 | $1,400 | 10 | 35 | $350 | |||||||

100 | 40 | $4,000 | ||||||||||

23-Mar | 30 | 40 | $1,200 | 10 | 35 | $350 | ||||||

100 | 40 | $4,000 | ||||||||||

30 | 40 | $1,200 | ||||||||||

31-Mar | 10 | 35 | $350 | |||||||||

100 | 40 | $4,000 | ||||||||||

10 | 40 | $400 | 20 | 40 | $800 | |||||||

185 | $7,100 | Cost of goods sold | $6,300 | Ending inventory | $800 | |||||||

Moving average method | ||||||||||||

Total cost of purchase and beginning inventory | = | $7,100 | ||||||||||

Total units available for sale | = | 185 | ||||||||||

Average price | $38.38 | |||||||||||

FIFO | Moving average method | |||||||||||

Ending inventory | $800 | $768 | ||||||||||

(38.38*20) | ||||||||||||

Cost of goods sold | $6,300 | $6,333 | ||||||||||

(165*38.38) | ||||||||||||

*If you have doubts feel free to ask in the comment section. Please give your valuable feedback.

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