Cost of Goods

Question

Dec 11, 2007, 07:06 AM

Serendipity3

New Member

Join Date: Dec 2007

Posts: 7

Cost of Goods

Can someone please help me on this FIFO/LIFO issue.

I need to determine the cost of goods for both FIFO and LIFO systems.

The information provided to me is as follows:

__________________________Number Unit Cost Total
of Units

Beginning Inventory 200 $2.50 $500

Purchases 1,000 $2.70 $2,700

Units Sold 900

and

one last question What is the lowest taxable rate to determine which one provides the lowest taxable rate?

Thanks for the help

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