Ask Experts Questions for FREE Help !
Ask
    man121's Avatar
    man121 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 16, 2010, 08:35 AM
    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
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Apr 16, 2010, 05:29 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's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Apr 21, 2010, 03:20 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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search


Check out some similar questions!

Using lifo and fifo [ 1 Answers ]

Engle Enterprises reports net sales revenue for 2009 to be $595,000, January 1, 2009 inventory at $102,000, net purchases at $370,000, and operating expenses at $155,000. Engle Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 2009, inventory is valued at...

Going from LIFO to FIFO [ 1 Answers ]

Fifo vs Lifo 618,876,000 (sales) 475,476,000 (cost of goods sold) 143,400,000 (gross profit) 102,112,000 (selling and admin expenses) 41,288,000 (income from operations) 24,712,000 (other expenses) 16,567,000 (income before income tax) 7,728,000 (income taxes) 8,848,000 (net income)

Fifo vs lifo [ 1 Answers ]

What are the advantages and disadvantages using fifo and lifo as inventory valuation methods?

Fifo and lifo [ 3 Answers ]

Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule?

View more questions Search