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Home > Business & Careers > Accounting   »   FIFO and LIFO inventory method

 
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Old Oct 2, 2007, 02:48 PM
fortwife
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FIFO and LIFO inventory method

9/1 On Hand, 300 Units@ 1.50 Each $450.00
9/6 Purchased 1000 Units @ 1.65 Each $1650.00
9/18 Purchased 800 Units @1.75 Each $1400.00
Total Cost Of Goods Ava. $3500.00
9/30 On Hand Inventory 425 Units

I Get A Little Confused With The Fifo/lifo Methods. Can You Tell Me If I Have Figured These Questions Right?

If 9/30 Inventory Includes 250 Units From 9/6 Purchases And 175 Units From 9/18 Purchase, The Ending Inventory For 9/30 Under The Specific Identification Method Would Be
My Answer: $718.75

Using The Fifo Inventory Method, The Amount Assigned To The 9/30 Inventory Would Be?
My Answer: $743.75

Using The Lifo Method The Ending Inventory At 9/30 Would Be?
My Answer: $637.50

Using The Weighted Average Cost Inventory, The Amount Assigned To The 9/30 Inventory Would Be?
My Answer: $708.33

Can Someone Tell Me If I'm Confused Or Not?

Thanks

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