amstanich
Mar 9, 2010, 06:58 PM
Assuming a periodic inventory system, how do you calculate FIFO, LIFO, and WAVE (weighted average)?
IF:
Opening Inventory (12/31/2007) 19,000 units @ $14 $266,000
Purchase May 13, 2008 57,000 @ $17 $969,000
Purchase Sept. 28, 2008 64,000@ $21 $1,344,000
Purchase April 23, 2009 72,000@ $24 $1,728,000
Purchase Sept. 3, 2009 56,000@ $28 $1,568,000
At end of year, physical inventory: 2009=37,000 and 2008=33,000
Sales for 2009=124 units for $4,960,000 and 2008=107,000 units for $3,745,000
Any help would be greatly appreciated! Thank you.
IF:
Opening Inventory (12/31/2007) 19,000 units @ $14 $266,000
Purchase May 13, 2008 57,000 @ $17 $969,000
Purchase Sept. 28, 2008 64,000@ $21 $1,344,000
Purchase April 23, 2009 72,000@ $24 $1,728,000
Purchase Sept. 3, 2009 56,000@ $28 $1,568,000
At end of year, physical inventory: 2009=37,000 and 2008=33,000
Sales for 2009=124 units for $4,960,000 and 2008=107,000 units for $3,745,000
Any help would be greatly appreciated! Thank you.