The following purchases of inventory were made by Anvil Ltd in April:

Sales of inventory during April were:

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 1,2 and 3, assuming that Anvil uses a perpetual inventory control system.

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Date Apr. 2 Apr. 15 Apr. 23 Number of units purchased 100 200 50 350 Per unit amount $ 5 6 7 Total cost $ 500 1200 350