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  • Lewis Corporation LIFO-FIFO

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    rajat tripathi
    54 Ansichten6 Seiten
    Accounting LIFO-FIFO

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    Accounting LIFO-FIFO

    Copyright:

    © All Rights Reserved
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    Markieren Sie unangemessene Inhalte
    54 Ansichten6 Seiten

    Lewis Corporation LIFO-FIFO

    Hochgeladen von

    rajat tripathi
    Accounting LIFO-FIFO

    Copyright:

    © All Rights Reserved
    Als XLSX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 6

    FIFO: First In First Out

    Period : 2009
    Quantity Item Price Amount
    Beginning Balance Purchase 1,840.00 cartons 20.00 36,800.00
    600.00 cartons 20.25 12,150.00
    800.00 cartons 21.00 16,800.00
    400.00 cartons 21.25 8,500.00
    200.00 cartons 21.50 4,300.00

    Sales 2,820.00 cartons 34.00 95,880.00

    Cost of Goods Sold (COGS)


    1840+600+380 2,820.00 cartons 56,930.00

    Profit Before Tax 38,950.00


    Tax @ 40% (15,580.00)
    Net Profit 23,370.00

    Closing Inventory 420.00 cartons 21.00 8,820.00


    400.00 cartons 21.25 8,500.00
    200.00 cartons 21.50 4,300.00
    1,020.00 21,620.00

    LIFO: Last In First Out


    Period : 2009
    Quantity Item Price Amount
    Beginning Balance Purchase 1,840.00 cartons 20.00 36,800.00
    600.00 cartons 20.25 12,150.00
    800.00 cartons 21.00 16,800.00
    400.00 cartons 21.25 8,500.00
    200.00 cartons 21.50 4,300.00

    Sales 2,820.00 cartons 34.00 95,880.00

    Cost of Goods Sold (COGS)


    200+400+800+600+820 2,820.00 cartons 58,150.00

    Profit Before Tax 37,730.00


    Tax @ 40% (15,092.00)
    Net Profit 22,638.00
    Closing Inventory 1,020.00 cartons 20.00 20,400.00

    1,020.00 20,400.00

    Average Cost Method


    Period : 2009
    Quantity Item Price Amount
    Beginning Balance Purchase 1,840.00 cartons 20.00 36,800.00
    600.00 cartons 20.25 12,150.00
    800.00 cartons 21.00 16,800.00
    400.00 cartons 21.25 8,500.00
    200.00 cartons 21.50 4,300.00

    Sales 2,820.00 cartons 34.00 95,880.00

    Cost of Goods Sold (COGS)


    2,820.00 cartons 20.46 57,685.16

    Profit Before Tax 38,194.84


    Tax @ 40% (15,277.94)
    Net Profit 22,916.91

    Closing Inventory 1,020.00 cartons 20.46 20,864.84

    1,020.00 20,864.84
    Period : 2010
    Quantity Item Price Amount
    Opening Inventory 420.00 cartons 21.00 8,820.00
    400.00 cartons 21.25 8,500.00
    200.00 cartons 21.50 4,300.00
    Purchase for the period 700.00 cartons 21.50 15,050.00
    700.00 cartons 21.50 15,050.00
    700.00 cartons 22.00 15,400.00
    1,000.00 cartons 22.25 22,250.00
    Sales 3,080.00 cartons 35.75 110,110.00

    Cost of Goods Sold (COGS)


    420+400+200+700+700+660 3,080.00 cartons 66,240.00

    Profit Before Tax 43,870.00


    Tax @ 40% (17,548.00)
    Net Profit 26,322.00

    Closing Inventory 40.00 cartons 22.00 880.00


    1,000.00 cartons 22.25 22,250.00

    1,040.00 23,130.00

    Period : 2010
    Quantity Item Price Amount
    Opening Inventory 1,020.00 cartons 20.00 20,400.00

    Purchase for the period 700.00 cartons 21.50 15,050.00


    700.00 cartons 21.50 15,050.00
    700.00 cartons 22.00 15,400.00
    1,000.00 cartons 22.25 22,250.00
    Sales 3,080.00 cartons 35.75 110,110.00

    Cost of Goods Sold (COGS)


    1000+700+700+680 3,080.00 cartons 67,320.00

    Profit Before Tax 42,790.00


    Tax @ 40% (17,116.00)
    Net Profit 25,674.00
    Closing Inventory 20.00 cartons 21.50 430.00
    1,020.00 cartons 20.00 20,400.00

    1,040.00 20,830.00

    Period : 2010
    Quantity Item Price Amount
    Opening Inventory 1,020.00 cartons 20.46 20,864.84

    Purchase for the period 700.00 cartons 21.50 15,050.00


    700.00 cartons 21.50 15,050.00
    700.00 cartons 22.00 15,400.00
    1,000.00 cartons 22.25 22,250.00
    Sales 3,080.00 cartons 35.75 110,110.00

    Cost of Goods Sold (COGS)


    3,080.00 cartons 21.51 66,246.05

    Profit Before Tax 43,863.95


    Tax @ 40% (17,545.58)
    Net Profit 26,318.37

    Closing Inventory 1,040.00 cartons 21.51 22,368.80

    1,040.00 22,368.80
    Period : 2011
    Quantity Item Price Amount
    Opening Inventory 40.00 cartons 22.00 880.00
    1,000.00 cartons 22.25 22,250.00

    Purchase for the period 1,000.00 cartons 22.50 22,500.00


    700.00 cartons 22.75 15,925.00
    700.00 cartons 23.00 16,100.00
    700.00 cartons 23.50 16,450.00
    Sales 2,950.00 cartons 35.75 105,462.50

    Cost of Goods Sold (COGS)


    40+1000+1000+700+210 2,950.00 cartons 66,385.00

    Profit Before Tax 39,077.50


    Tax @ 40% (15,631.00)
    Net Profit 23,446.50

    Closing Inventory 490.00 cartons 23.00 11,270.00


    700.00 cartons 23.50 16,450.00

    1,190.00 27,720.00

    Period : 2011
    Quantity Item Price Amount
    Opening Inventory 20.00 cartons 21.50 430.00
    1,020.00 cartons 20.00 20,400.00

    Purchase for the period 1,000.00 cartons 22.50 22,500.00


    700.00 cartons 22.75 15,925.00
    700.00 cartons 23.00 16,100.00
    700.00 cartons 23.50 16,450.00
    Sales 2,950.00 cartons 35.75 105,462.50

    Cost of Goods Sold (COGS)


    700+700+700+850 2,950.00 cartons 67,600.00

    Profit Before Tax 37,862.50


    Tax @ 40% (15,145.00)
    Net Profit 22,717.50
    Closing Inventory 150.00 cartons 22.50 3,375.00
    20.00 cartons 21.50 430.00
    1,020.00 cartons 20.00 20,400.00
    1,190.00 24,205.00

    Period : 2011
    Quantity Item Price Amount
    Opening Inventory 1,040.00 cartons 21.51 22,368.80
    - - - -

    Purchase for the period 1,000.00 cartons 22.50 22,500.00


    700.00 cartons 22.75 15,925.00
    700.00 cartons 23.00 16,100.00
    700.00 cartons 23.50 16,450.00
    Sales 2,950.00 cartons 35.75 105,462.50

    Cost of Goods Sold (COGS)


    2,950.00 cartons 22.55 66,513.09

    Profit Before Tax 38,949.41


    Tax @ 40% (15,579.76)
    Net Profit 23,369.65

    Closing Inventory 1,190.00 cartons 22.55 26,830.70

    1,190.00 26,830.70

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