[fortwife]

9/1 On Hand, 300 Units@ 1.50 Each $450.00
9/6 Purchased 1000 Units @ 1.65 Each $1650.00
9/18 Purchased 800 Units @1.75 Each $1400.00
Total Cost Of Goods Ava. $3500.00
9/30 On Hand Inventory 425 Units

I Get A Little Confused With The Fifo/lifo Methods. Can You Tell Me If I Have Figured These Questions Right?

If 9/30 Inventory Includes 250 Units From 9/6 Purchases And 175 Units From 9/18 Purchase, The Ending Inventory For 9/30 Under The Specific Identification Method Would Be
My Answer: $718.75

Using The Fifo Inventory Method, The Amount Assigned To The 9/30 Inventory Would Be?
My Answer: $743.75

Using The Lifo Method The Ending Inventory At 9/30 Would Be?
My Answer: $637.50

Using The Weighted Average Cost Inventory, The Amount Assigned To The 9/30 Inventory Would Be?
My Answer: $708.33

Can Someone Tell Me If I'm Confused Or Not?

Thanks

[dartenyad]

The hospital for Ordinary surgery uses pharmaceuticals for its patients. It started the year on Jan 1 with an inventory of 1000 doses of an antibiotic drug that cost $17 per dose. On Jan 2, it purchased another 300 doses for $21 each. From January 3 through June 30 it used 800 doses. On July 1. it bought 500 more doses at $23 each. From July 2 through the end of the year it used 400 doses. What is the inventory value at the end of the year, assuming FIFO? What is the value assuming LIFO?

[Just Looking]

Please read the following announcement.

https://www.askmehelpdesk.com/financ...-b-u-font.html

If you will show your work, we will check it and let you know if it is right, or explain if there is something you don't understand.

You might look at this old post to understand a little better:

https://www.askmehelpdesk.com/financ...ds-528427.html