A company has collected the following data from the purchase and use of heating fuel from its Business Statistics department for inventory management of the previous year:
| Date |
Amount purchased (liters) |
Purchase Price (EUR/liter) |
| 12.1.2006 |
15000 |
0,80 |
| 14.2,2006 |
20000 |
0,75 |
| 25.3.2006 |
6000 |
0,81 |
| 28.6.2006 |
18000 |
0,90 |
| 29.8.2006 |
33000 |
0,76 |
| Date |
Amount used/consumed (liters) |
| 30.9.2006 |
7000 |
| 31.10,2006 |
23000 |
| 30.11.2006 |
9000 |
| 31.12.2006 |
11000 |
a) Calculate the cost/use of material sold for the material(energy): Based on the following evaluation methods: - FIFO - HIFO - LIFO - average price