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    Jessicagray2's Avatar
    Jessicagray2 Posts: 1, Reputation: 1
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    #1

    Jun 18, 2008, 09:13 AM
    FIFO and assigned cost at end of period
    I am a little confused as to how you come up with the ending assigned cost on whether I am doing it right. I have 3 purchases 10@ $6.00, 20 at $12.00, and 15@$14 dollars. There are 15 units sold 7 of them are from the first purchase and 8 are from the 2nd purchase; and then the third purchase made. I am confused on how to come up with the assigned ending cost . I would send the first cost of $6.00 to the balance sheet and add the $12 and $14 together and get a an ending cost of $26 would this be right.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jun 19, 2008, 09:02 PM
    You don't just have one $6 item, one $12 item and one $14 item.

    You had ten $6 items. You sold 7. How many are left, at $6 each?

    Etc.
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