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-   -   Accouting Homework LIFO/FIFO (https://www.askmehelpdesk.com/showthread.php?t=640476)

  • Mar 2, 2012, 12:46 PM
    k1990
    1 Attachment(s)
    Accouting Homework LIFO/FIFO
    Need help finding LIFO and FIFO with COGS and E.I also. I have the weighted average which COGS is 11,000, E.I is 5072 and total is 16072. Below is the given information:

    Date Unit Purchases Unit Sales

    Oct. 4 500 @ $10.00
    8 800 @ $5.40
    9 700 @ $10.00
    18 700 @ $5.76
    20 800 @ $11.00
    29 800 @ $5.90
  • Mar 2, 2012, 12:55 PM
    pready
    Please specify your purchases and sales. The way it is posted right now members cannot distinguish between your purchases and your sales. Also what is your starting numbers i.e. beginning inventory.
  • Mar 2, 2012, 11:52 PM
    k1990
    1 Attachment(s)
    Okay sorry, I attached a word doc
  • Mar 3, 2012, 07:24 AM
    pready
    LIFo stands for Last In First Out, so you start with your beginning inventory:
    Beginning inventory 600 units @ $5.00 per unit
    Oct 4 sale 500 units @ $5.00 per unit
    Beginning inventory remaining 100 units @ $5.00 per unit
    Oct 8 purchase 800 units @ 5.40 per unit
    Oct 9 sale 700 units @ 5.40 per unit
    Beginning Inventory remaining 100 units @ $5.00 per unit
    Oct 8 inventory remaining 100 units @ $5.40 per unit
    Oct 17 purchase 700 units @ $5.76 per unit
    Oct 20 sale 700 units @ 5.76 per unit
    Oct 20 sale 100 units @ 5.40 per unit
    Beginning inventory remaining 100 units @ $5.00 per unit
    Oct 29 purchase 800 units @ 5.90 per unit

    Your ending inventory contains 100 units @ $5.00 per unit and 800 units @ $5.90 per unit or $5,220 total

    Your Cost of Goods Sold is:
    500 units @ $5.00 per unit = $2,500
    700 units @ $5.40 per unit = $3,780
    700 units @ $5.76 per unit = $4,032
    100 units @ $5.40 per unit = $0,540

    Total COGS for LIFO is $10,852

    FIFO stands for First in First out so you start with beginning inventory;
    Beginning Inventory 600 units @ $5.00 per unit
    Oct 4 sale 500 units @ $5.00 per unit
    Beginning Invenotry remaining 100 units @ $5.00 per unit
    Oct 8 purchase 800 units @ $5.40 per unit
    Oct 9 sale 100 units @ $5.00 per unit
    Oct 9 sale 600 units @ $5.40 per unit
    Oct 8 inventory remaining 200 units @ $5.40 per unit
    Oct 18 Purchase 700 units @ $5.76 per unit
    Oct 20 sale 200 units @ $5.40 per unit
    Oct 20 sale 600 units @ $5.76 per unit
    Oct 18 inventory remaining 100 units @ $5.76 per unit
    Oct 29 Purchase 800 units @ $5.90 per unit

    Ending inventory 100 units @ $5.76 per unit and 800 units @ $5.90 per unit or $5,276 total.

    Cost of Goods Sold
    500 units @ $5.00 per unit = $2,500
    100 units @ $5.00 per unit = $0,500
    600 units @ $5.40 per unit = $3,240
    200 units @ $5.40 per unit = $1,080
    600 units @ $5.76 per unit = $3,456

    Total COGS for FIFO is $10,776

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