# How do you work LIFO and FIFO problems

Asked Apr 16, 2010, 09:35 AM — 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

 ROLCAM Posts: 1,437, Reputation: 250 Ultra Member #2 Apr 16, 2010, 06:29 PM

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.
 morgaine300 Posts: 6,564, Reputation: 1474 Uber Member #3 Apr 21, 2010, 04:20 AM

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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