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) | ||||||||||||
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