[k1990]

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

[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.

[k1990]

Okay sorry, I attached a word doc

[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