Inventory Valuation Exercise

Inventory Valuation Exercise

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The cafeteria will be running a special for the month of April and May featuring leg of lamb cooked in a Greek style prepared with olive oil, lemon, and oregano. The average weight of a lamb leg is 9 lbs. On March 31, inventory was taken. Lamb legs were purchased throughout the month. On April 30, inventory was taken again. Determine the value of the remaining inventory at closing time on April 30 (end of month). Records indicate the following:

4/01 Opening Inventory 45 lbs. @ 2.99 per lb.

4/08 Purchases 54 lbs. @ 3.05 per lb.

4/15 Purchases 120 lbs. @ 3.25 per lb.

4/26 Purchases 63 lbs. @ 2.99 per lb.

4/29 Purchases 36lbs. @ 2.79 per lb.

4/30 Closing Inventory 54 lbs.

Determine the assigned cost per lb. for the lamb legs remaining in inventory and the monetary value of the lamb legs in house on April 30 when inventory was taken.

FIFO: 4/30 Value of Inventory (lamb)___________Cost per lb._________

LIFO: 4/30 Value of Inventory (lamb)___________ Cost per lb._________

Weighted Ave. 4/30 Value of Inventory (lamb)__________ Cost per lb.________

Latest 4/30 Value of Inventory (lamb)____________Cost per lb. ________

Purchase Price

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