Exercise on inventory pricing

Reference no: EM13296165

Exercise on Inventory Pricing

Assume your inventory is as follows

Lot
Designation Number
In lot Remaining Date of purchase Price/item
A 90 1 Jan $85
B 75 1 Feb $83
C 85 3 Mar $87
D 100 4 April $86
E 90 1 May $86
F 100 2 June $89

Assuming all these are the items in inventory and were placed there on the dates shown:

1. What would be the price under Last in First Out (LIFO) for 25 items taken from inventory on 2 March?

2. What would be the price under First in First Out (FIFO) for 25 parts pulled on 1 May?

3. Calculate the weighted average for this part using lots A-C only

4. Assume it is 4 April. Calculate the moving average if all of lot A have been used, 50 from lot B remain, none from C have been pulled and 100 are added with lot D.

Reference no: EM13296165

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