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

    May 7, 2012, 06:51 PM
    FIFO/LIFO question
    Bitten Company's inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October:
    Date: Unit Purchases unit sales:
    October 4 500 @ $10
    8 800 @ $5.40
    9 700 @ $10
    18 700 @ 5.76
    20 800 @ $11
    29 800 @ 5.90
    All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.


    Inventory system: cost of goods sold ending inventory total
    Weighted avg:
    FIFO
    LIFO


    Please help me solve this. I need the cost of goods sold, ending inventory and total for each (weighted avg, FIFO, and LIFO)
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    May 8, 2012, 09:57 PM
    Quote Originally Posted by tayleeeeeer View Post
    Bitten Company's inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October:
    Date: Unit Purchases unit sales:
    October 4 500 @ $10
    8 800 @ $5.40
    9 700 @ $10
    18 700 @ 5.76
    20 800 @ $11
    29 800 @ 5.90
    All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.


    Inventory system: cost of goods sold ending inventory total
    Weighted avg:
    FIFO
    LIFO


    Please help me solve this. I need the cost of goods sold, ending inventory and total for each (weighted avg, FIFO, and LIFO)
    So let's see your calculations
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