Begin inventory 39 units@49
Sale 28 units@69
First purchase 26 units@52
Sale 15 units@70
Second purchase 21units@55
Sale 30units@72
How to cal the cost and ending inventory for LIFO and FIFO
Begin inventory 39 units@49
Sale 28 units@69
First purchase 26 units@52
Sale 15 units@70
Second purchase 21units@55
Sale 30units@72
How to cal the cost and ending inventory for LIFO and FIFO
FIFO - First in first out.
This is a matter of chronology.
You work from top to bottom.
LIFO - Last in first out.
Again this is a matter of chronology. This time it is the other way round. You work from the bottom to the top.
Let me know if you understand the concept.
I am not really allowed to work this out for you.
You try and submit what you get.
We shall be able to check your workings for you.
Not only do we not do work for you, but it doesn't say if it's perpetual or periodic method, which will make a difference. But I can give you a link to some stuff:
Principles of Accounting Chapter 8
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