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    bunny101's Avatar
    bunny101 Posts: 9, Reputation: 1
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    #1

    Dec 16, 2010, 08:32 AM
    How to calculate FIFO?
    100 units $20 January 21,
    100 units $30 Februaru 28,
    Sold 150 units $45 each from March to December 31.
    Calculate using FIFO method.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Dec 16, 2010, 08:39 AM

    Sold 100 units @20 and 50 units @ $30
    bunny101's Avatar
    bunny101 Posts: 9, Reputation: 1
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    #3

    Dec 16, 2010, 08:43 AM
    Comment on pready's post
    I appreciate your help... but in my homework the answers are 1250, 1500, 1000, 2250. I've been trying to solve these FIFI for like 10 hours already. Thank you for your help again.
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #4

    Dec 16, 2010, 09:06 AM

    I think Pready may have left, so let me answer this for you. He gave you the order in which the items are deemed sold. Your question is looking for the remaining balance, so using what he told you the remaining balance of 50 (100+100-150) would be valued at $30 each. Please ask if you are still confused.
    bunny101's Avatar
    bunny101 Posts: 9, Reputation: 1
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    #5

    Dec 16, 2010, 09:14 AM
    Comment on Just Looking's post
    Ahh... accoiunting is frustrating..
    So this means the answer will be 1500 ?
    I have a list of answers: 1250, 1500, 1000, 2250.

    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #6

    Dec 16, 2010, 09:35 AM

    Right, and it can be frustrating.
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