LIFO, FIFO and AVGE inventory cost calculations The following purchases of inventory were made by Anvil Ltd in April:

Date Number of units purchased Per unit amount Total cost $ $
Apr. 2 100 5 500 Apr. 15 200 6 1200 Apr. 23 50 7 350 350 Sales of inventory during April were:
Date No. of units sold Apr. 6 70 Apr. 13 120 Apr. 18 200 390 Anvil’s inventory on 1 April consisted of 150 units valued at $4 each.
1 Calculate COGS for April, using:
a LIFO b FIFO c weighted annual average inventory cost flow assumptions.
Assume that Anvil uses a periodic inventory control system.
2 Calculate ending inventory values under each of the three methods above as at 30 April.
3 Suppose that the market price for these units was only $5 per unit at 30 April, and the lower of cost or market valuation is applied to each unit individually. Redo question 2.
4 Redo questions 1 and 2, assuming that Anvil uses a perpetual inventory control system.