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View Full Version : Lifo and Fifo


rukhkhan
Apr 22, 2008, 10:38 PM
How would I set this up on LIFO and FIFO
Beginning inventory 10units@$20
Sale 6 units
Purchase 15units@$22
Sale 14units

seulloup
Apr 23, 2008, 05:01 PM
Under FIFO:

10 @ $20
-6 @ $20
+15 @ $22
At this time, the sale of 14 units contains
4 @ $20
And
10 @ 22

Under LIFO:

10 @ $20
- 6 @ $20
+ 15 @ $22
Under LIFO, the sale of 14 units are all from the latest purchase, which is from 15 @ $22; therefor:
- 14 @ $22