Dubai Organisation was organised on January 1^st, 2020. During this year the company made several actions in order to evaluate and control inventory movements. Using information given below find the following:

Required:

Calculate the total amount (in dollar) for closing inventory on July 31^st, 2020 is in both FIFO

and LIFO methods.

ii) Calculate the Ending Inventory, Cost of Goods Sold and Profit/Loss on July 31^st, 2020 is in both FIFO and LIFO.

1- On January 2nd, 2020 the orgnisation beginning inventory 500 units at price of $1.50 per unit

2- On January 15^th, 2020 the orgnisation purchased 700 units at price of $ 2.00 per unit.

3- On February 10^th, 2020 the orgnisation Sold 500 units at price of $2.00 per unit.

5- On March 12^th, 2020 the orgnisation purchaseed 400 units at price of $3.00 per unit.

6- On April 30^th, 2020 the orgnisation sold 300 units at price of $3.00 per unit.

7- On May 15^th, 2020 the orgnisation sold 500 units at price of $2.00 per unit.

8- On July 8^th, 2020 the orgnisation purchased 500 units at price 2.00 per unit.

9 - On July 31^st, 2020 the organisation Sold 400 units at price 4.00 per unit.

Answer:

FIFO

The total amount (in dollars) for closing inventory on July 31^th, 2016 is:

………………………………………………………………………………………………………………………………………………………………………………………………………………

The cost of goods sold on July 31^th, 2020 is:

………………………………………………………………………………………………………………………………………………………………………………………………………………

LIFO

The total amount (in dollars) for closing inventory on July 31^th, 2020 is:

………………………………………………………………………………………………………………………………………………………………………………………………………………

………………………………………………………………………………………………………..................................................................................................................................

The cost of goods sold on July 31^th, 2020 is:

………………………………………………………………………………………………………………………………………………………………………………………………………………