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View Full Version : Need help with fifo ending inventory?


Kekeyb23
Nov 14, 2011, 11:12 AM
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?