How to figure fifo calculator?
Ammons Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for January.
Jan. 1
Beginning inventory 16 units@ 610/unit
Jan. 5
Purchase 31 units@ $660/unit
Jan. 9
Sales32 units@ $960/unit
Jan. 18
Purchase17 units@ $710/unit
Jan. 25
Purchase 21 units@ $730/unit
Jan. 29
Sales 19 units@ $1,060/unit
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the January 9 sale consisted of 15 units from beginning inventory and 17 units from the January 5 purchase; the January 29 sale consisted of 13 units from the January 18 purchase and 6 units from the January 25 purchase.
