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LIFO inventory pricing method MA1

Forums › FIA Forums › MA1 Management Information Forums › LIFO inventory pricing method MA1

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Ken Garrett.
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  • Author
    Posts
  • December 11, 2019 at 3:35 pm #555688
    diebish
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Receipts and issues of a raw material for a period were:

    Units $ per unit Cumulative total $
    Day 1 Balance 160 3.70 592
    Day 3 Receipt 230 3.60 1,420
    Day 5 Issue 110
    Day 8 Issue 150

    Using the LIFO inventory pricing method, what is the total cost of the issue on Day 8?

    $545

    $555

    $540

    $543

    cant get it someone Please help

    December 12, 2019 at 11:39 am #555743
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    LIFO: so last in first out.

    At the end of Day 3 there are

    160 units costing 3.70
    230 units costing 3.60

    The day 5 issue assumes that the 110 removed come from the Day 3 receipt (LIFO). Therefore we are left with:

    160 units costing 3.7
    120 units costing 3.6

    The day 8 issue of 150 will first use the 120 remaining from Day 3 then will use 30 from the opening balance. Therefore, the cost of the issue is

    120 x 3.6 + 30 x 3.7 = $543

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