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-   -   Can you help me do an accounting question with fifo (https://www.askmehelpdesk.com/showthread.php?t=646875)

  • Mar 29, 2012, 08:28 AM
    roriel
    Can you help me do an accounting question with fifo
    Mar. 1 Beginning inventory 160 units @ $52.20/unit
    Mar. 5 Purchase 255 units @ $57.20/unit
    Mar. 9 Sales 320 units @ $87.20/unit
    Mar. 18 Purchase 115 units @ $62.20/unit
    Mar. 25 Purchase 210 units @ $64.20/unit
    Mar. 29 Sales 190 units @ $97.20/unit

    Totals 740 units 510 units
  • Mar 29, 2012, 12:13 PM
    pready
    To calculate cost of inventory sold using the FIFO method:

    Your sales on Mar 9 will include 160 units at the Mar 1 beginning inventory price and 160 units at the Mar 5 purchase price.

    Your sales on Mar 29 will include 95 units at the Mar 5 purchase price and the remaining units sold will be at the Mar 18 purchase price

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