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-   -   FIFO Income Statement (https://www.askmehelpdesk.com/showthread.php?t=473213)

  • May 24, 2010, 11:01 PM
    tafegal
    FIFO Income Statement
    Inventories:
    Hey is anyone able to help me with preparing a comparative condensed income statement under FIFO and LIFO, using the periodic system?

    Here is the details for the statement
    Inventories:
    Beginning (15,000 units) $34,000
    Ending (20,000)

    Purchases and sales:
    Total net sales (225 000 units) $865 000
    Total cost of goods purchased (230 000 units) $578 500

    Quarter Units Unit Cost Total Cost
    1 60000 $2.30 $138 000
    2 50000 2.50 125 000
    3 50000 2.60 130 000
    4 70000 2.65 185 000
    Total 230 000 578 500

    Operating expenses were $147 000 and the company tax rate is 2%

    If anyone could help me out that would be great!
  • May 27, 2010, 02:04 AM
    morgaine300

    I'm not sure if you're having trouble with the FIFO/LIFO stuff or the income statement itself or what. But here's a site with some explanation of inventory costing:
    Principles of Accounting Chapter 8

    We will not just do the work for you, so you need to come up with more specific questions about what you don't get.

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