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

    Feb 21, 2009, 05:05 PM
    Ending Inventory and FIFO
    I calculated my COG for sale, total units are 2200, total cost $21,500. I started working backwords for ending inventory but my total unit sales are 13,000 units. How can you sell more than you have in inventory? :confused:
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Feb 21, 2009, 08:33 PM

    FIFO this means First In First Out.
    You can NEVER sell more than you have in Inventory.
    What you need to do is balance the number
    of units first.
    Then you put a value per unit on the method you chose.
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!

Calculate cost of goods sold, ending inventory, & gross profit for LIFO, FIFO & [ 1 Answers ]

Hello, I have tried this example several times but do not seem to get the correct answer . I would appreciate your help with this one. Thanks: Twin Co. is a retailer operating which uses the perpetual inventory method. All sales returns from customers result in the goods being returned to...

FIFO-LIFO- Ending Inventory-COGS formula needed. [ 0 Answers ]

I need your help on the following question I can not seem to get this: Beginning Inventroy: 1,000 units @$10 per unit Purchases: 3,000 units @$12 per unit Sales: 3,500 units @$16 per unit Ending Inventory: 500 units Compute both the ending inventroy value and cost of goods sold using each of...

Find Cost of goods sold and ending inventory using.average cost/FIFO/LIFO [ 2 Answers ]

I'm having a hard time with the fifo and lifo method... of this question Began with 73 yards @ 23 per yard During the month the company made the following purchases. March 3/4 113 yards @ 27 3/12 81 yards @ 29 3/19 167 yards @ 32 3/25 44 yards @ 35

FIFO Calcuating Gross Profit and Ending Inventory [ 1 Answers ]

Bradley Corp produces a product with the following costs as of July 1, 2007: Material: $2 per unit; Labor $4 per unit: Overhead: $2 per unit Beginnning inventory: at these costs on July 1st, was 3000 units. From July 1 - Dec 1, 2007, Bradley produced 13,000 units. These units had:...

View more questions Search