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

    Apr 22, 2008, 10:38 PM
    Lifo and Fifo
    How would I set this up on LIFO and FIFO
    Beginning inventory 10units@$20
    Sale 6 units
    Purchase 15units@$22
    Sale 14units
    seulloup's Avatar
    seulloup Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Apr 23, 2008, 05:01 PM
    Under FIFO:

    10 @ $20
    -6 @ $20
    +15 @ $22
    At this time, the sale of 14 units contains
    4 @ $20
    And
    10 @ 22

    Under LIFO:

    10 @ $20
    - 6 @ $20
    + 15 @ $22
    Under LIFO, the sale of 14 units are all from the latest purchase, which is from 15 @ $22; therefor:
    - 14 @ $22
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