How would I set this up on LIFO and FIFO
Beginning inventory 10units@$20
Sale 6 units
Purchase 15units@$22
Sale 14units
![]() |
How would I set this up on LIFO and FIFO
Beginning inventory 10units@$20
Sale 6 units
Purchase 15units@$22
Sale 14units
Under FIFO:
10 @ $20
-6 @ $20
+15 @ $22
At this time, the sale of 14 units contains
4 @ $20
And
10 @ 22
Under LIFO:
10 @ $20
- 6 @ $20
+ 15 @ $22
Under LIFO, the sale of 14 units are all from the latest purchase, which is from 15 @ $22; therefor:
- 14 @ $22
All times are GMT -7. The time now is 06:18 PM. |