Hunter Al
Feb 17, 2013, 10:55 PM
01/01 Beginning Inventory 100 untis @ $10
02/15 Purchase 200 units @ $12
04/22 Purchase 125 units @ $13
07/19 Purchase 90 units @ $14
12/31 Ending Inventory 75 units.
1. How do you calculate the value of the Ending inventory using FIFO, LIFO, and Average -Cost.
2. How do you calcualte the Cost of goods sold using FIFO, LIFO and Average-cost.
With the questions above how would I illustrate and show my work to arrive at the answer for FIFO, LIFO when I'm having a hard time seeing units or steps for each method, I do understand how to get average cost ending inventory and cost of goods sold under average cost.
02/15 Purchase 200 units @ $12
04/22 Purchase 125 units @ $13
07/19 Purchase 90 units @ $14
12/31 Ending Inventory 75 units.
1. How do you calculate the value of the Ending inventory using FIFO, LIFO, and Average -Cost.
2. How do you calcualte the Cost of goods sold using FIFO, LIFO and Average-cost.
With the questions above how would I illustrate and show my work to arrive at the answer for FIFO, LIFO when I'm having a hard time seeing units or steps for each method, I do understand how to get average cost ending inventory and cost of goods sold under average cost.