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How do you work LIFO and FIFO problems
Asked Apr 16, 2010, 08:35 AM
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2 Answers 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 |
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| 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. | ||||
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| 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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