avco, fifo and lifo examples your company values stock on the fifo basis. however, the production...

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AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you to provide valuations on a sample of stock purchased and issued in June using the three methods of FIFO, AVCO and LIFO. Sample stock - widgets Stock movement - June Units Cost (£) 01-Jun Balance 0 03-Jun Purchased 500 1.80 05-Jun Purchased 300 1.95 07-Jun Issued 600 12-Jun Purchased 800 2.10 22-Jun Issued 700 27-Jun Purchased 500 2.25

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Page 1: AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you

AVCO, FIFO and LIFO Examples

Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you to provide valuations on a sample of stock purchased and issued in June using the three methods of FIFO, AVCO and LIFO.

Sample stock - widgetsStock movement - June

Units Cost (£)

01-Jun Balance 0 03-Jun Purchased 500 1.8005-Jun Purchased 300 1.9507-Jun Issued 60012-Jun Purchased 800 2.1022-Jun Issued 70027-Jun Purchased 500 2.2528-Jun Issued 600

Prepare stock valuations using all three methods.

Page 2: AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you

Average Cost

BalanceReceipts Issues Units average £

AVCO500 @ 1.80 500 900300 @ 1.95 300 585

800 1.86 1,485 X

600 @ 1.86 = 1116 200 369

800 @ 2.10 800 1,680

1,000 2.049 2,049

700 @ 2.049 = 1434 300 615

500 @ 2.25 500 1,125800 2.175 1,740

600 @ 2.175 = 1305 200 435

Page 3: AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you

First in First Out

BalanceReceipts Issues Units £

FIFO 800 1,485 As X500 @ 1.80 900100 @ 1.95 195600 1,095 200 1.95 390

800 @ 2.10 800 2.10 1,6801,000 2,070

200 @ 1.95 390500 @ 2.10 1,050700 1,440 300 2.10 630

500 @ 2.25 500 2.25 1,125800 1,755

300 @ 2.10 630300 @ 2.25 675600 1,305 200 2.25 450

Page 4: AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you

Last in First OutBalance

Receipts Issues Units £LIFO 800 1,485 As X

300 @ 1.95 585300 @ 1.80 540600 1,125

200 1.80 360

800 @ 2.10 800 2.10 1,6801,000 2,040

700 @ 2.10 1,470 200 1.80 360100 2.10 210300 570

500 @ 2.25 500 2.25 1,125800 1,695

500 @ 2.25 1,125100 @ 2.10 210600 1,335

200 1.80 360

Page 5: AVCO, FIFO and LIFO Examples Your company values stock on the FIFO basis. However, the production manager has heard that other methods exist. He asks you

Summary of effects

Summary

Charged to production Closing inventory Total

£ £ £

AVCO 3,855 435 4,290

FIFO 3,840 450 4,290

LIFO 3,930 360 4,290

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