Log in

View Full Version : Accounting FIFO and LIFO


j032ingrid
Feb 8, 2015, 06:17 PM
Stuck on perpeptual FIFO
On Jan. 26th the company sells 350 units. 150 units remain in the ending inventory Jan 31.

Beginning inventory Jan 1... 320 units at 3.00
Purchase Jan 9... 80 units at 3.20
Purchase Jan 25... 100 units at 3.34

Perpetual inventory... what is the ending inventory??
Been trying to figure out a step by step method for over 2 hrs... eeek!! HELP Please

paraclete
Feb 17, 2015, 08:44 AM
Inventory sold

320@ 3.00 320
80@ 3.20 30
100@ 3.34

Inventory
50 @3.20
100@ 3.34