Ask Experts Questions for FREE Help !
Ask
    thelostone's Avatar
    thelostone Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 9, 2007, 10:28 AM
    Lifo & Fifo
    Please I need help with this question. I do not understand how to compute the value.

    Jupiter Enterprises reports net sales revenue for 20X6 to be $595,000, January 1, 20X6, inventory at $102,000, net
    purchases at $370,000, and operating expenses at $155,000. Jupiter Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 20X6, inventory is valued at $86,000. Jupiter is considering changing to the FIFO inventory method. Under FIFO, December 31, 20X6, inventory would be valued at $105,000.
    thelostone's Avatar
    thelostone Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Jul 9, 2007, 11:05 AM
    Quote Originally Posted by thelostone
    Please I need help with this question. I do not understand how to compute the value.

    Jupiter Enterprises reports net sales revenue for 20X6 to be $595,000, January 1, 20X6, inventory at $102,000, net
    purchases at $370,000, and operating expenses at $155,000. Jupiter Enterprises currently values inventory using LIFO. Using the LIFO method, December 31, 20X6, inventory is valued at $86,000. Jupiter is considering changing to the FIFO inventory method. Under FIFO, December 31, 20X6, inventory would be valued at $105,000.
    I got it
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fifo and lifo [ 3 Answers ]

Can someone help me to solve this question with explanation?It is urgent... I totally don know what is FIFO and LIFO and how to answer the question like this. Sunrise Company draws up its financial statements every 31March. The details of its purchases and sales for the financial year are as...

Fifo & lifo [ 1 Answers ]

Lunar company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2007, the accounting records provided the following information for Product 2: Transactions Units Unit Cost a. Inventory, December 31, 2006 3,000 $12 For the year 2007: b....

Fifo and lifo [ 3 Answers ]

Can a company use fifo to account for inventory and then use lifo for reporting financial and tax info and is this what is known as the lifo conformity rule?

Fifo & Lifo [ 1 Answers ]

This is a question that I do not understand if you could please help me urgently that would be greatly appreciated. The Garrett Company has the following transactions during the months of April and May: Date Transactions Units Cost/Unit April 1 Balance 400 April...

View more questions Search