# FIFO Method Question

by Gagan

1/3/2009

1 Mar opening balance 880 @ \$9
2 Mar purchase 300 @ \$6
4 Mar sell 400
6 Mar sell 600
10 Mar purchase 400 @ \$8
15 Mar purchase 500 @ \$5
22 Mar sell 900
27 Mar purchase 200 @ \$2
28 Mar sell 100
30 Mar purchase 900 @ \$3
31 Mar sell 700

What is the closing balance if this business uses the FIFO method?

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### Comments for FIFO Method Question

 Answer by: Mohammed March 31: 400 units price \$3 value \$1200

 FIFO Answer question by: Anonymous Ans. CI = \$1440

 Answer to that question by: Sayyada nanji SolutionRecept issues 880 units x 9=7920 4march 400 units x9=3600300 units x 6=1800 6march 480 units x9=4320400 units x 8=3200 120 units x6= 720500 units x 5=2500 22march180 units x6=1080200 units x 2= 400 400 units x8=3200900 units x 3=2700 320 units x5=1600 28march100 units x5= 500Total receipt 18520 31march 80 units x5= 400 200 units x2= 400 420 units x3=1260 Total issued 17080Closing inventory = total receipt-total issues = 18520-17080 = \$1440

 fifo by: makwaza closing 480 *\$3=1440

 FIFO Method Question by: Patrick Closing Balance: 400 units worth \$1,200Working is as follows; Receipts Issues Balanceunits \$ total units \$ total units \$ total 800 9 7,200300 6 1,800 1,100 9,000 400 9 3,600 700 5,400 600 400 9 3,600 200 6 1,200 600 4,800 100 600400 8 3,200 500 3,800500 5 2,500 1,000 6,300 900 100 6 600 400 8 3,200 400 5 2,000 900 5 2,000 100 500200 2 400 300 900 100 5 500 200 400900 3 2,700 1,100 3,100 700 200 2 400 500 3 1,500 700 1,900 400 1,200The last figures under Balance is the closing stock(inventory) for the end of the month i.e. 400 units @ \$1,200.On my answer, i excluded the date column, the spaces in between the figures on the top and those below represent another date.If you have any question on this, please ask.

 Different Answer by: Anonymous Correct Answer after completing all entries.31 March 480 * \$3 = \$1440

 Answer by: Qasim Closing Balance is 1080 units having total value of 6780. Details;180 units @ \$ 6 having value 1080400 units @ \$ 8 having value 3200500 units @ \$ 5 having value 2500total1080 units @ \$ (N/A) having value 6780