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

    May 25, 2013, 10:37 PM
    Fifo,lifo,avco methods
    On may 10,Hudson Computing sold 90 millennium laptop computers to apex publishers. At the date of this sale,Hudson's perpetual inventory records included the following cost layers for the millennium laptops:
    Purchases date quantity unit cost total cost
    Apr. 9 70 $1500 $105,000
    May 1 30 $1600 $ 48,000
    Total on hand 100 $153,000
    Requirements:
    1. specific identification method(62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1)
    2. Average-cost method
    3. FIFO method
    4. LIFO method
    5. discuss briefly the financial reporting differences that may arise from choosing the FIFO method over the LIFO method.

Check out some similar questions!

Lifo, fifo, and avco [ 3 Answers ]

I need to understand how to do the above valuation accounting it is very confusing to me could you create some steps so that I can follow or a simpler way to understand it. Thank you. :confused:

Lifo, Fifo, Avco [ 5 Answers ]

Hi! yup, I have worked out the question, but I'm not really sure about it that's why I am asking. Here's the question & then how I worked it out. Just tell me whether its correct. Will really appreciate it =) On 1st August the petrol tank was empty. 2nd August received 10,000 litres of...

Calculating Lifo/Fifo Methods [ 2 Answers ]

Hi guys, I'm really confused with a Q I was hoping you could help me with! 13 Jan purchases 200 - total cost 7,200 08 Feb purchases 400 - total cost 15,200 11 Mar purchases 600 - total cost 24,000 12 April purchases 400 - total cost 14,000 15 June purchases 500 - total cost 14,000 10 Feb...

Lifo/Fifo methods [ 1 Answers ]

Which of these methods give the least profit?

View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.