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    bunny101's Avatar
    bunny101 Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Dec 16, 2010, 10:30 AM
    FIFO, LIFO
    July 1st beginning purchase 10un.@120
    July 5th purchase 60un@112
    July 14th sale 40@
    July 21st purchase 30@115
    July 30th sale 28@

    Calculate for FIFO, LIFO:

    Answers:
    FIFO: 3674, 3644, 7696, 7706
    LIFO: 7706, 3664, 3674, 7696

    I worked my way and got 7696 for FIFO and 7706 for LIFO... Is it correct?? Or not...
    Thank you.
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Dec 16, 2010, 01:02 PM

    Yes, if they are asking for COGS.
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