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-   -   Accounting LIFO (https://www.askmehelpdesk.com/showthread.php?t=294839)

  • Dec 22, 2008, 12:55 PM
    rfm5003
    Accounting LIFO
    Kiner Company has the following data related to an item of inventory
    Inventory, March 1 100 units at $4.20
    Purchase, March 7, 350 units at $4.40
    Purchase, March 16, 70 units at $4.50
    Inventory, March 31 130 units

    The value assigned to ending inventory if Kiner uses LIFO?
    The value assigned to cost of goods sold if Kiner uses FIFO?
  • Dec 22, 2008, 06:53 PM
    pready

    For LIFO the inventory will be the begininning inventory + the earliest purchases

    For FIFO the inventory will be the last purchases.

    For FIFO GOGS will be the Beginning Inventory + Earliest Purchases

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