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    nmoonshower's Avatar
    nmoonshower Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 10, 2011, 02:07 PM
    How to figure fifo calculator?
    Ammons Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for January.


    Jan. 1

    Beginning inventory 16 units@ 610/unit


    Jan. 5

    Purchase 31 units@ $660/unit


    Jan. 9

    Sales32 units@ $960/unit



    Jan. 18

    Purchase17 units@ $710/unit


    Jan. 25

    Purchase 21 units@ $730/unit


    Jan. 29

    Sales 19 units@ $1,060/unit


    Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the January 9 sale consisted of 15 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 13 units from the January 18 purchase and 6 units from the January 25 purchase.
    Unknown008's Avatar
    Unknown008 Posts: 8,076, Reputation: 723
    Uber Member
     
    #2

    Oct 11, 2011, 09:47 AM
    Those are relatively easy. Show at least your attempt please.

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