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  • Mar 9, 2010, 06:58 PM
    amstanich
    Fifo
    Assuming a periodic inventory system, how do you calculate FIFO, LIFO, and WAVE (weighted average)?

    IF:

    Opening Inventory (12/31/2007) 19,000 units @ $14 $266,000

    Purchase May 13, 2008 57,000 @ $17 $969,000
    Purchase Sept. 28, 2008 64,000@ $21 $1,344,000

    Purchase April 23, 2009 72,000@ $24 $1,728,000
    Purchase Sept. 3, 2009 56,000@ $28 $1,568,000

    At end of year, physical inventory: 2009=37,000 and 2008=33,000
    Sales for 2009=124 units for $4,960,000 and 2008=107,000 units for $3,745,000

    Any help would be greatly appreciated! Thank you.
  • Mar 10, 2010, 12:19 AM
    morgaine300

    Here's a link to an online textbook. You may need/want to scroll down to the "detailed illustration":Principles of Accounting Chapter 8

    Then please make some attempt to do the problem and post what you've come up with.

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