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-   -   Inventory methods: (https://www.askmehelpdesk.com/showthread.php?t=642380)

  • Mar 10, 2012, 06:40 AM
    faarax
    Inventory methods:
    In the bigining inventory blance of item y on July 1 and the purchase of item
    During July where as follow
    July 1 inventory [email protected] $300
    July 7 purchase [email protected] $1320
    July 14 purchase [email protected] $672
    July 22 purchase [email protected] $696
    July 28 purchase [email protected] $375
    _____________ ____
    Total 3000 3.363
    At July 31.the ending inventory consisted 450units determine the cost of the ending inventory
    Based on each flowing method of inventory valuation
    Fifo method ,lifo method, and avarage cost method.
  • Mar 10, 2012, 12:05 PM
    pready
    For FiFO you have to start with beginning inventory and work downwards until you account for inventory sold to get to 450 ending inventory amount.

    For LIFO you have to start with ending ending and work backwards until you have 450 units remaining in inventory.

    For average cost you simply have to get the average cost per unit for your inventory times the number of units sold.

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