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

    Mar 29, 2012, 08:28 AM
    Can you help me do an accounting question with fifo
    Mar. 1 Beginning inventory 160 units @ $52.20/unit
    Mar. 5 Purchase 255 units @ $57.20/unit
    Mar. 9 Sales 320 units @ $87.20/unit
    Mar. 18 Purchase 115 units @ $62.20/unit
    Mar. 25 Purchase 210 units @ $64.20/unit
    Mar. 29 Sales 190 units @ $97.20/unit

    Totals 740 units 510 units
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 29, 2012, 12:13 PM
    To calculate cost of inventory sold using the FIFO method:

    Your sales on Mar 9 will include 160 units at the Mar 1 beginning inventory price and 160 units at the Mar 5 purchase price.

    Your sales on Mar 29 will include 95 units at the Mar 5 purchase price and the remaining units sold will be at the Mar 18 purchase price
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!

I have an Accounting study question regarding FIFO cost calculation - help? [ 6 Answers ]

In October 2010, Rojo Inc.'s production was 53,600 equivalent units for direct material, 48,800 equivalent units for direct labor, and 42,000 equivalent units for overhead. During October, direct material, conversion, and overhead costs incurred were as follows: Direct material $158,688...

Financial accounting help: What is FIFO? [ 1 Answers ]

FIFO Accounting [ 1 Answers ]

A firm has the following inventory information for the first quarter: 01/01 Beginning Inventory 50 units @ $5 01/15 Purchases 80 units @ $5.50 02/15 Purchases 60 units @ $5.25 02/15 Purchases 40 units @ $5.75 Sales 170 units @ $10 Total operating expenses $500

Fifo accounting [ 1 Answers ]

E5-2 Information related to Steffens Co. is presented below. 1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point. 2. On April 6 paid freight costs of $900 on merchandise purchased from Bryant. 3. On April 7, purchased...

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

View more questions Search