September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31

Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:

1. LIFO
2. FIFO
3. Average Cost

I expect you can do basic mathematics such as minus, plus and divide; now how difficult can it be

FIFO means First in First out which means the units of Sept 1 and some of Sept 9 are no longer in inventory
LIFO means Last in First out which means the units of Sept 28 and Sept 23 are no longer in stock
And Average means all units were in stock before SEPT 30 when sales were made, I expect you know what "Average" means

If you are unable to solve such a basic problem how will you cope with more difficult concepts??

Quote:

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Originally Posted by fiddlestyx

September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31

Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:

1. LIFO
2. FIFO
3. Average Cost

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And please stop posting the same question - AMHD does not do homework.