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    Kekeyb23 Posts: 1, Reputation: 1
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    Nov 14, 2011, 11:12 AM
    Need help with fifo ending inventory?
    I need help figuring out FIFO and LIFO ending inventory and cost of goods, and average ending inventory, and average cost of goods for the following:

    June 1 Inventory 250 units @ $5 total cost is $1,125
    June 12 Purchase 525 units @ $6 total cost is $3,150
    June 23 Purchase 750 units @ $7 total cost is $5,250
    June 30 Inventory 270 units

    In need to know the following:
    FIFO ending inventory
    FIFO cost of goods sold
    LIFO ending inventory
    LIFO cost of goods sold
    Average cost ending inventory
    Average cost of goods sold
    Which costing method gives the highest ending inventory?
    The highest cost of goods sold?

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