Ask Experts Questions for FREE Help !
Ask
    rfm5003's Avatar
    rfm5003 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 22, 2008, 12:55 PM
    Accounting LIFO
    Kiner Company has the following data related to an item of inventory
    Inventory, March 1 100 units at $4.20
    Purchase, March 7, 350 units at $4.40
    Purchase, March 16, 70 units at $4.50
    Inventory, March 31 130 units

    The value assigned to ending inventory if Kiner uses LIFO?
    The value assigned to cost of goods sold if Kiner uses FIFO?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Dec 22, 2008, 06:53 PM

    For LIFO the inventory will be the begininning inventory + the earliest purchases

    For FIFO the inventory will be the last purchases.

    For FIFO GOGS will be the Beginning Inventory + Earliest Purchases
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!

Lifo Vs. Fifo [ 5 Answers ]

I have to calculate the cost of ending inventory and COGS (cost of goods sold). Every time I try I come up with something different, anyone like to help me? Beginning Inventory Jan. 1 64 units @ $11 TC $ 704 Purchase Jan. 15 249 units @ $12 TC $ 2988 Purchase Jan. 24 ...

LIFO reserve in accounting [ 3 Answers ]

If a company has a large LIFO reserve and is negotiating a selling price, does that affect the purchase price? And if so how?

Accounting, fifo and lifo [ 2 Answers ]

Bought Sold January 40 at £30 each June 30 for £68 each April 20 at £44 each September 14 for £60 each 19 Based on the above figures, what is the closing inventory value that would be shown in the Balance Sheet using FIFO? a. £480 b. £704 c. £700 d. £1088

Fifo/lifo [ 1 Answers ]

When using the fifo or lifo method to compute cost of goods sold and ending inventory, how do you determine what goes in the ending inventory column and what goes into the cogs column. Example: Opening Inv. 9,000 units@ $16 Purchase 4/16: 27,000 units @ $18 Purchase 7/28: 30,000 units @ $23 ...

View more questions Search