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-   -   Lifo & Fifo (https://www.askmehelpdesk.com/showthread.php?t=108211)

  • Jul 9, 2007, 10:28 AM
    thelostone
    Lifo & Fifo
    Please I need help with this question. I do not understand how to compute the value.

    Jupiter Enterprises reports net sales revenue for 20X6 to be $595,000, January 1, 20X6, inventory at $102,000, net
    purchases at $370,000, and operating expenses at $155,000. Jupiter Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 20X6, inventory is valued at $86,000. Jupiter is considering changing to the FIFO inventory method. Under FIFO, December 31, 20X6, inventory would be valued at $105,000.
  • Jul 9, 2007, 11:05 AM
    thelostone
    Quote:
    Originally Posted by thelostone
    Please I need help with this question. I do not understand how to compute the value.

    Jupiter Enterprises reports net sales revenue for 20X6 to be $595,000, January 1, 20X6, inventory at $102,000, net
    purchases at $370,000, and operating expenses at $155,000. Jupiter Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 20X6, inventory is valued at $86,000. Jupiter is considering changing to the FIFO inventory method. Under FIFO, December 31, 20X6, inventory would be valued at $105,000.
    I got it

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