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Accouting Homework LIFO/FIFO
Need help finding LIFO and FIFO with COGS and E.I also. I have the weighted average which COGS is 11,000, E.I is 5072 and total is 16072. Below is the given information:
Date Unit Purchases Unit Sales Oct. 4 500 @ $10.00 8 800 @ $5.40 9 700 @ $10.00 18 700 @ $5.76 20 800 @ $11.00 29 800 @ $5.90 |
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LIFo stands for Last In First Out, so you start with your beginning inventory:
Beginning inventory 600 units @ $5.00 per unit Oct 4 sale 500 units @ $5.00 per unit Beginning inventory remaining 100 units @ $5.00 per unit Oct 8 purchase 800 units @ 5.40 per unit Oct 9 sale 700 units @ 5.40 per unit Beginning Inventory remaining 100 units @ $5.00 per unit Oct 8 inventory remaining 100 units @ $5.40 per unit Oct 17 purchase 700 units @ $5.76 per unit Oct 20 sale 700 units @ 5.76 per unit Oct 20 sale 100 units @ 5.40 per unit Beginning inventory remaining 100 units @ $5.00 per unit Oct 29 purchase 800 units @ 5.90 per unit Your ending inventory contains 100 units @ $5.00 per unit and 800 units @ $5.90 per unit or $5,220 total Your Cost of Goods Sold is: 500 units @ $5.00 per unit = $2,500 700 units @ $5.40 per unit = $3,780 700 units @ $5.76 per unit = $4,032 100 units @ $5.40 per unit = $0,540 Total COGS for LIFO is $10,852 FIFO stands for First in First out so you start with beginning inventory; Beginning Inventory 600 units @ $5.00 per unit Oct 4 sale 500 units @ $5.00 per unit Beginning Invenotry remaining 100 units @ $5.00 per unit Oct 8 purchase 800 units @ $5.40 per unit Oct 9 sale 100 units @ $5.00 per unit Oct 9 sale 600 units @ $5.40 per unit Oct 8 inventory remaining 200 units @ $5.40 per unit Oct 18 Purchase 700 units @ $5.76 per unit Oct 20 sale 200 units @ $5.40 per unit Oct 20 sale 600 units @ $5.76 per unit Oct 18 inventory remaining 100 units @ $5.76 per unit Oct 29 Purchase 800 units @ $5.90 per unit Ending inventory 100 units @ $5.76 per unit and 800 units @ $5.90 per unit or $5,276 total. Cost of Goods Sold 500 units @ $5.00 per unit = $2,500 100 units @ $5.00 per unit = $0,500 600 units @ $5.40 per unit = $3,240 200 units @ $5.40 per unit = $1,080 600 units @ $5.76 per unit = $3,456 Total COGS for FIFO is $10,776 |
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