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View Full Version : How to calculate lifo and fifo ending inventory


hmda45
Jan 23, 2010, 01:23 PM
Beginventory 39 units@49
Sale 28 units@69
Firstpurchase 26 units@52
Sale 15 units@70
Secondpurchase 21units@55
Sale 30units@72

How to cal the cost and ending inventory for LIFO and FIFO

morgaine300
Jan 24, 2010, 01:26 AM
Our guidelines for homework are that we do not do your work for you. You should show an attempt to do the work first, and we can then correct/guide you and give further hints.

It's also impossible to show an example without knowing whether this is perpetual or periodic. So here's a link going over this, to help with your attempt at doing the problem:
Principles of Accounting Chapter 8 (http://www.principlesofaccounting.com/chapter%208.htm#inventory%20costing%20methods)