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-   -   How do you work LIFO and FIFO problems (https://www.askmehelpdesk.com/showthread.php?t=465053)

  • Apr 16, 2010, 08:35 AM
    man121
    How do you work LIFO and FIFO problems
    Begin inventory 39 units@49
    Sale 28 units@69
    First purchase 26 units@52
    Sale 15 units@70
    Second purchase 21units@55
    Sale 30units@72

    How to cal the cost and ending inventory for LIFO and FIFO
  • Apr 16, 2010, 05:29 PM
    ROLCAM

    FIFO - First in first out.
    This is a matter of chronology.
    You work from top to bottom.

    LIFO - Last in first out.
    Again this is a matter of chronology. This time it is the other way round. You work from the bottom to the top.

    Let me know if you understand the concept.
    I am not really allowed to work this out for you.
    You try and submit what you get.
    We shall be able to check your workings for you.
  • Apr 21, 2010, 03:20 AM
    morgaine300

    Not only do we not do work for you, but it doesn't say if it's perpetual or periodic method, which will make a difference. But I can give you a link to some stuff:
    Principles of Accounting Chapter 8

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