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Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.?
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Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 unit...
FIFO Method:

Date | Purchases | Sales | Inventory | Cost of Goods Sold
---- | --------- | -----| --------- | ----------------
Mar 1 | 100 @ Rs. 10.00 | | 100 @ Rs. 10.00 |
Mar 10 | | 80 @ Rs. 10.00 | 20 @ Rs. 10.00 | Rs. 200.00
Mar 12 | 100 @ Rs. 9.80 | | 100 @ Rs. 9.80 |
Mar 14 | | 100 @ Rs. 9.80 | | Rs. 980.00
Mar 15 | 50 @ Rs. 9.60 | | 150 @ Rs. 9.76 |
Mar 20 | 100 @ Rs. 9.40 | | 250 @ Rs. 9.72 |
Mar 31 | | 90 @ Rs. 9.72 | 160 @ Rs. 9.72 | Rs. 1,555.20

LIFO Method:

Date | Purchases | Sales | Inventory | Cost of Goods Sold
---- | --------- | -----| --------- | ----------------
Mar 20 | 100 @ Rs. 9.40 | | 100 @ Rs. 9.40 |
Mar 15 | 50 @ Rs. 9.60 | | 150 @ Rs. 9.47 |
Mar 12 | 100 @ Rs. 9.80 | | 250 @ Rs. 9.51 |
Mar 31 | | 90 @ Rs. 10.00 | 160 @ Rs. 9.51 | Rs. 1,521.60

Weighted Average Cost Method:

Date | Purchases | Sales | Inventory | Cost of Goods Sold
---- | --------- | -----| --------- | ----------------
Mar 1 | 100 @ Rs. 10.00 | | 100 @ Rs. 10.00 |
Mar 12 | 100 @ Rs. 9.80 | | 200 @ Rs. 9.90 |
Mar 15 | 50 @ Rs. 9.60 | | 250 @ Rs. 9.86 |
Mar 20 | 100 @ Rs. 9.40 | | 350 @ Rs. 9.84 |
Mar 10 | | 80 @ Rs. 9.84 | 270 @ Rs. 9.84 | Rs. 2,655.20
Mar 14 | | 100 @ Rs. 9.84 | 170 @ Rs. 9.84 | Rs. 1,968.00
Mar 31 | | 90 @ Rs. 9.84 | 80 @ Rs. 9.84 | Rs. 885.60

Note: In the Weighted Average Cost Method, the cost per unit is calculated as follows:

Total Cost of Inventory / Total Units in Inventory

= (100 x 10.00) + (100 x 9.80) + (50 x 9.60) + (100 x 9.40)

/ (100 + 100 + 50 + 100)

= Rs. 9.84 per unit.
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Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.?
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Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.?.
Solutions for Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? defined & explained in the simplest way possible. Besides giving the explanation of Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.?, a detailed solution for Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? has been provided alongside types of Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? theory, EduRev gives you an ample number of questions to practice Purchases: on 1st March 100 units @ Rs. 10.00, on 12th March: 100 units @ Rs. 9.80, on 15th March: 50 units @ Rs. 9.60, on 20th March: 100 units @ Rs. 9.40 Sales: on 10th March 80 units, on 14th March: 100 units, 31st March: 90 units. There was no opening inventories. Determine the cost of goods sold for March as per, FIFO, LIFO and Weighted Average Cost Method using: i) Perpetual Inventory System & (ii) Periodic Inventory System.? tests, examples and also practice CA Foundation tests.
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