 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Steps to find fifo ending inventory
Jan 1 beginning inventory 600 units @44/unit
Feb 10 purchase 200 units @40/unit Mar 13 Purchase 100 units @20/unit Mar 15 sales 400 units @75/unit Aug 21 Purchase 160 units @60/unit Sept 5 Purchase 280 units @48/unit Sept 10 sales 200 unites @75/unit Totals 1340 units (units acquired at cost) Totals 600 units (units sold at retail) Question 1: Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification-units sold consist of 500 units from beginning inventory and 100 units from the March 13 purchase, and (d) weighted average. Question 2: Compute gross profit earned by the company for each of the four costing methods |
||||
Check out some similar questions!
What is the formula of fifo and lifo
How do I find the ending inventory using the FIFO Method through perpetual 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...
I calculated my COG for sale, total units are 2200, total cost $21,500. I started working backwords for ending inventory but my total unit sales are 13,000 units. How can you sell more than you have in inventory? :confused:
I'm having a hard time with the fifo and lifo method... of this question Began with 73 yards @ 23 per yard During the month the company made the following purchases. March 3/4 113 yards @ 27 3/12 81 yards @ 29 3/19 167 yards @ 32 3/25 44 yards @ 35
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
