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    MSartain's Avatar
    MSartain Posts: 1, Reputation: 1
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    #1

    Oct 4, 2009, 10:34 PM
    Computing Ending Inventory
    I am trying to compute ending inventory and cost of goods sold using FIFO and LIFO and Average Cost.
    June 1 Inv 198 8 1584
    12 Purchase 593 9 5337
    23 Purchase 791 11 8701
    30 Inv 316
    I figured out FIFO but can't seem to do LIFO
    Thank you
    FATEMA BEGUM's Avatar
    FATEMA BEGUM Posts: 1, Reputation: 1
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    #2

    Oct 4, 2009, 11:49 PM

    Expected sales are:
    Units
    July 14700
    August 15120
    September 15680
    October 16240
    Each month's closing inventory is to be 150% of the following month's cost of sales. Average selling price is $30 per unit. Average cost of purchases as $20 per unit.
    How to calculate cost of sales of each month?
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