LIFO REVIEW - SQSP-AQAP = 20$15-19$15.84 = $0.96...

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LIFO REVIEW January Beginning Inventory 10 @ $3 Purchases: Jan 3 rd 100 @ $4 Jan 15 th 80 @ $4.25 Jan 30 th 100 @ $5 Used: 275 SQ = 250 , SP = $4 AP = 100($5)+80($4.25)+95($4) = $1,220/275 = $4.44 Quantity Variance = $4(275-250) = $100 Unfavorable Price Variance = 275($4.44-$4) = $121 Unfavorable January Beginning Inventory: from 2002 5 @ $10 and from 2005 1 @ $11 Purchases: Jan 5 th 15 @ $15 Jan 10 th 2 @ $15.50 Jan 28 th 15 @ $16 Used 19 units AP = $301/19 = $15.84 AQ = $19 SQ = 20 SP = $15 SP(AQ-SP) = $15(20-19) = $15 Favorable AQ(SP-AP) = 19($15-$15.84) = $15.96 Unfavorable
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Unformatted text preview: SQSP-AQAP = 20$15-19$15.84 = $0.96 Unfavroable January Beginning Inventory: from 2003 [email protected] $1 From 2006 50 @ $2 From 2007 10 @ $3 Purchases: 25 January 2 nd @ $3.50 200 January 18 th @ $4 100 January 30 th @ $5 Used: January 15 th 26 units January 31 st 270 Units AP: $1,270/50/296 = $4.29 SP: $3.50 SQ: 300 AQ: 296 Price Variance: $233.84 Unfavorable Quantity Variance: $14 Favorable Materials Variance: $219.84 Unfavorable...
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