I am trying to compute ending inventory and cost of goods sold using FIFO and LIFO and Average Cost.
June 1 Inv 198 8 1584
12 Purchase 593 9 5337
23 Purchase 791 11 8701
30 Inv 316
I figured out FIFO but can't seem to do LIFO
Thank you
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I am trying to compute ending inventory and cost of goods sold using FIFO and LIFO and Average Cost.
June 1 Inv 198 8 1584
12 Purchase 593 9 5337
23 Purchase 791 11 8701
30 Inv 316
I figured out FIFO but can't seem to do LIFO
Thank you
Expected sales are:
Units
July 14700
August 15120
September 15680
October 16240
Each month's closing inventory is to be 150% of the following month's cost of sales. Average selling price is $30 per unit. Average cost of purchases as $20 per unit.
How to calculate cost of sales of each month?
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