$show=home

Welcome to Svtuition

Free Online School with 5000+ contents as study material which can watch, read and learn anyone, anywhere.

Start your studies

$show=home


Science Classes




Basic Sciences






Computer Science

                                   

Personal Finance 

Money Making

Investment  

Finance Data Analysis

Corporate Finance 

Finance Services

Public Finance

Taxation
                                   





/fa-fire/ Latest Contents$type=three$cate=0$va=0$show=home$c=3$m=0$rm=0$s=0

$show=home

"Thank you sir you did a good job for students through Svtuition. I have learn many things"

S.U. Rahman

"First time I have so happy to find Svtuition I spent a lot of time searching for my problem now I have finally understood the concept at Svtuition"

Anonymous

"All doubts clear sir.Svtuition is a very good teacher.thanks"

Sathyam Guha

"Sir I am learning through your website and I am really grateful to you for taking out your time to teach us in Svtuition."

Himansh

"Svtuition is very usefull to me ....today i have learn great things at Svtuition....very usefull tips provide for me.....today i have to start my own learning experience through this website.......Thanks bro....God Bless U. "

Jeevan Kumar

"Nice👌 and informative Site, Keep doing the good work "

Divyanshu

/fa-fire/ Science$type=three$cate=0$va=0$show=home$c=6$m=0$rm=0$s=0

$show=home

Learn Financial Freedom Step by Step

FIFO,LIFO, AND AVERAGE COST INVENTORY CALCULATIONS-MULTIPLE SALES


Zingle's buys and then resells a single product as its primary business activity. Following is information concerning the Zingle's inventory activity for the product during August 2004:

August 1: 210 units on hand @5.10 per unit

August 5: Sold 80 units

August 7: Purchased 160 units @5.25 per unit

August 11: Purchased 110 units @ 5.30 per unit

August 15: Sold 200 units

August 21: Purchased 55 units @ 5.70 per unit

August 25: Purchased 290 units @ 5.80 per unit

August 29: Sold 350 units

a. Assuming Zingle's employs a perpetual inventory system, calculate cost of goods sold (units and cost) for the month of August using the following:
1. FIFO cost flow assumption
2. LIFO cost flow assumption
3. Average cost method (round all unit cost calculations to the nearest penny)

b. Which of the three methods resulted in the highest inventory amount for Zingle's August 31 balance sheet?
c. How would the differences among the three methods affect Zingle's income statement and balance sheet for the month?"

ROBERTA from Japan

ROBERTA!

a) To calculate cost of goods sold on FIFO, or LIFO or average cost method is very easy. FIFO means first in first out. It means, you will sell the product on the cost price of product which you buy first. But in LIFO, you will sell the first that product whose you have bought in the last. Average cost is just average of bought at different time.

b) We can solve this problem, only after getting the result from first figures. Actually closing stock is the difference between purchase and sales.

c) When the figure of cost price will different, value of cost of goods sold and value of closing stock will be different. It means profit will be different in all these methods. So, it will effect the income statement. It will also effect the balance sheet because, balance sheet also show closing stock as asset and profit  in liability side. So, with different figure, balance sheet will show different position.

COMMENTS

On this page

$type=blogging$show=https://www.svtuition.com/p/ashwani-kumar.html$c=100$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/chanakya.html$c=10$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/ashwani.html$c=100$a=hide$s=hide$comment=hide$label

$type=blogging$show=https://www.svtuition.com/p/ashwani.html$c=40$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/ashwani.html$c=100$a=hide$s=hide$comment=hide$label

$type=blogging$show=https://www.svtuition.com/p/ashwani.html$c=40$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/rajesh-kumar-teacher.html$c=40$a=hide$s=hide$comme

$type=blogging$show=https://www.svtuition.com/p/ashwani.html$c=100$a=hide$s=hide$comment=hide$label

$type=blogging$show=https://www.svtuition.com/p/om-parkash.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/surinder-singh.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/surinder-singh.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/surinder-singh.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/abhiraj-singh.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/nishant-arya.html$c=20$a=hide$s=hide$comment=hide

$type=blogging$show=https://www.svtuition.com/p/manish.html$c=20$author=hide$comment=hide

Tara Chand's Contents $type=blogging$show=http://www.svtuition.com/p/tara-chand.html$c=20

Ashok Kumar's Contents$type=blogging$show=https://www.svtuition.com/p/ashok-kumar.html$hide=author

Name

11th Class Maths,2,11th Class Physics,6,5th Class Maths,1,6th Class Science,9,Abhiraj Singh,1,Accountant,2,Accounting,14,Accounting Concepts,1,Accounting Course,4,Accounting Education,18,accounting equation,3,Accounting Formats,2,Accounting Scandals,1,Accounting Solutions,37,Accounting Videos in English,1,Accounting Videos in Hindi,9,Administration Skills,2,Air,7,Algebra,11,Amazon,7,Answer the Questions and Become Master,23,App,6,Applied sciences,3,Aptitude,1,Artificial Intelligence,2,Ashok Kumar,5,B.Com Maths,9,Balance Sheet,8,bank,59,Banking,37,Banking Dictionary,1,Become Rich in India,25,bengali,4,Best Teachers Rewards,1,BHIM,3,Biology,4,Black Money,1,Bodybuilding Education,5,Bond,4,Budget,2,Business,11,Business Dictionary,3,Business Education,10,Business Environment,2,Business Mathematics,8,Business Skills,1,Business Solutions,1,C++,1,CA,1,Calculus,1,cameras,2,Canara Bank,3,Canva,1,capital,1,car,1,Car Driving Course,57,Care of pet,1,Career Solutions,12,carpentry,14,cartoon,1,Cattle Domestication Skill,3,Cattle Domestication Skill,1,CDSL,4,Charity,1,chemistry,3,circle,2,Class 1 English,1,class 1 Maths,1,Class 10 Maths,11,Class 2 Maths,1,Class 5 Maths,2,Class 6 Maths,1,Class 7 Maths,1,Class 8 Maths,17,Class 9 Maths,1,Commerce,4,commodity market,1,Communication,5,Computer,28,Computer Basics,30,Computer Data Storage,1,Computer Dictionary,2,Computer Hardware,11,Computer Networking,12,computer science,5,Computer Software,17,Computer Solutions,1,Construction Skills,25,cooking education,25,Cooking Skills by Ashwani,57,Corporate Accounting,17,Corporate Law,5,corporate Scandals,1,cost,2,cost accounting,13,Credit Card,7,CSE,1,css,11,Currency,1,Current Affairs,2,curtain,1,Dailymotion,1,Debit Card,1,DEMAT Account,13,depreciation,2,determinant,3,Domain Name System,4,Dr. Mathura Das,5,Dr. MD Swatanter,1,drawing,1,Dreams,19,Driving Education,1,e-accounting,1,Earn from eBooks,13,Earn Money,28,Earning,2,eBooks,9,Economics Education,33,Education,14,Education Solutions,12,Electric Cycle,4,Electric Scooter,1,Electrical engineering‎,28,Electrical Skills,19,Electrical Skills by Ashwani Kumar,12,Electronics,4,Email,2,Energy (physics),10,Engineering,2,English,23,Examination,3,Facebook,2,Failure,4,Finance,114,Finance Education,45,Finance Solutions,9,financial,3,Financial Accounting,28,Financial Service Providers,2,FIR,7,Focus on Study,8,Football,1,Forex,2,Forex Trading Skills,2,Free Maths Tools,1,Fundraiser,1,Gambling,10,Gambling Addiction,4,Gardening Skills,17,Gas,1,Gaupalan,5,Geometry,3,gold,5,Goldsmith,35,Google,2,Google Admin,3,Google AdMob,2,Google Adsense,2,Google Blogger,7,Google Meet,1,Google Pay,4,Google play Console,6,Google Play Store,7,Gravity,4,GST,2,Guest Writers,3,Gurpreet Singh,14,Habits,4,HDFC,1,HDFC Bank,1,Health Education,16,Heat,2,Help,3,Hindi Language,3,History,2,Home Building,10,Home Maintenance amp; Repair,5,Home Remedies Course,75,HR Management,11,HTML,9,Income Tax,1,Index Number,3,India,15,India Post Payments Bank,7,Indian Festivals,4,Indian Language,1,Influencer marketing,1,Infolinks,5,Inspiration,26,inspire,2,Instagram,2,insurance,3,intelligence,1,Interest,6,internal audit,2,International Finance,1,Internet,43,Internet Forum,1,Investment,32,Javascript,3,Jobs amp; Careers,5,Journal,1,journal entries,5,journal entry,3,Kenya,1,Knot Skills,1,Laptop Basics,7,Law Education,26,Law Solutions,2,Learning,8,Lecture,2,Legal Document,2,Legal Education,15,Letter Formats,2,LIC,1,Light,7,Limit,2,Linear algebra,5,Linear Programming,12,Loan,3,magnet,8,Malaysia,2,Management Accounting,17,Management Education,17,Management Solutions,1,Manish Khurana,4,Marketing Education,7,Mathematics Education,134,Maths,1,Maths by Ashwani Kumar,35,matrices,43,MCAT,1,Mechanical Skills,3,Medical and Surgery Education,1,Memories,2,Mobile,19,Mobile Software,17,motivation,41,Motorcycle Mechanic Skills,8,MS Excel,12,Music Skills,3,Mutual Funds,5,Nepal,1,Nepali Language,1,Net Banking,1,Network addressing,2,Nigeria,1,Nishant Arya,11,Om Parkash,11,Online,1,Online Teachers Support,2,organisation,1,Other,15,Pakistan,1,Payment Service Providers,15,Payoneer,1,paypal,12,paytm,10,PayU,2,PERSONAL DEVELOPMENT,1,Personal Finance,13,Philippines,2,Photography,1,Photoshop Software,5,PHP,1,physics,60,Picture,1,Plumbing Education,9,PNB,4,Political Science,3,Polynomial,9,positive thinking,1,Post Office,6,Probability,9,Prof. Ashwani Kumar,3,Profiles,1,Profit,1,Programming Language,13,Property Dealing Skills by Surinder Singh,5,provision,1,Publishing,1,Punjabi Language,4,Quiz,3,Railway Exam,2,Railway Technical Exam,2,Rajesh Kumar,34,RBI,3,real estate,10,Reasoning,2,rectification,1,rectification of errors,1,Relationships amp; Family,3,Religious Studies,7,Result,2,Sahas,3,Sanskrit,10,Saudi Arabia,1,Saving,14,SBI,11,School Accounting,2,science,86,Science Education,63,Science Quize,1,Science Tests,7,Secrets of Failure,2,Security,2,Self Identity,1,Self-Learning,8,Share Market,49,Share Market Dictionary,8,Shiv Kumar Shabdra,1,Silversmith,4,Singing Skills,20,Singing Skills by Surinder Singh,7,Skating,1,Slideshow,1,Social Media,3,social science,5,Solution,5,Sound,5,Space Science,6,Special Days,1,Spiritual Education,11,Sports,7,Start Own Business,12,Statistics,12,Statistics Education,4,stock,3,Stock Market,4,Stories,2,Story,1,Students,5,Success,16,Surinder Singh,18,svtuition,4,Tablet Education,7,Tailoring Skills,4,Tally,71,Tally Solutions,9,Tally.ERP 9,92,TallyPrime,9,Tara Chand,14,tax,8,Tax Solutions,8,teaching,7,Teaching by Chanakya,2,Teaching Education,18,Teaching Skills,1,Teaching Stories,1,Tech by Ashwani,8,Tech Simplify,20,technical education,3,Telecommunication,1,Test,9,Testimonials,3,Time Management,2,Time series,3,Travel,10,Trigonometry,7,tuition,4,TV Shows,4,UK,2,USA,1,variance analysis,3,VAT,1,vector,22,Video,31,Video Creation Skills,1,Video Editing,4,Video on Demand,1,VideoPad Video Editor,1,videos,180,Vocational Education,19,Volume,1,Water,8,Wealth,35,Weather,3,Web design,5,Web Hosting,7,Web Software,3,website,23,Website earning,1,Welding Skills,2,WhatsApp,8,Wife,1,Wifi,9,Window Movie Maker,1,Wordpress,6,working capital,1,Writing,1,written Communication,2,Yono App,2,Yono Cash,1,You can Become Rich Also,5,Youth,9,youtube,21,YouTube Studio skills,1,YouTube Tutorials,7,zigopay,1,
ltr
item
Svtuition: FIFO,LIFO, AND AVERAGE COST INVENTORY CALCULATIONS-MULTIPLE SALES
FIFO,LIFO, AND AVERAGE COST INVENTORY CALCULATIONS-MULTIPLE SALES
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeAH8XLH3-qIyBD3WPAQY5IeFfLCMJrR614gXd1tsw_Ohyphenhyphenwx9tGql5xgDAj_ffDT8h4kAfjnt-JWiTbjPYHARYRET1rI0szQTNIBLyE5QjF93gZ8hnlItgYd9CM-ySoIed8SZ6hChZHDK9/s640/12X-table-07%25402x.png
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeAH8XLH3-qIyBD3WPAQY5IeFfLCMJrR614gXd1tsw_Ohyphenhyphenwx9tGql5xgDAj_ffDT8h4kAfjnt-JWiTbjPYHARYRET1rI0szQTNIBLyE5QjF93gZ8hnlItgYd9CM-ySoIed8SZ6hChZHDK9/s72-c/12X-table-07%25402x.png
Svtuition
https://www.svtuition.com/2012/02/fifolifo-and-average-cost-inventory.html
https://www.svtuition.com/
https://www.svtuition.com/
https://www.svtuition.com/2012/02/fifolifo-and-average-cost-inventory.html
true
3065238051582539150
UTF-8
Loaded All Posts Not found any posts VIEW ALL Reply Cancel reply Delete By Home PAGES Contents View All RELATED CONTENTS FOR YOUR LEARNING Topic ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy