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    j032ingrid's Avatar
    j032ingrid Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 8, 2015, 06:17 PM
    Accounting FIFO and LIFO
    Stuck on perpeptual FIFO
    On Jan. 26th the company sells 350 units. 150 units remain in the ending inventory Jan 31.

    Beginning inventory Jan 1... 320 units at 3.00
    Purchase Jan 9... 80 units at 3.20
    Purchase Jan 25... 100 units at 3.34

    Perpetual inventory... what is the ending inventory??
    Been trying to figure out a step by step method for over 2 hrs... eeek!! HELP Please
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Feb 17, 2015, 08:44 AM
    Inventory sold

    320@ 3.00 320
    80@ 3.20 30
    100@ 3.34

    Inventory
    50 @3.20
    100@ 3.34
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