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Accounting homework
June 1 inventory 75 units at $40
6 sale 60 units 14 purchase 90 units at $42 19 sale 50 units 25 sale 20 units 30 purchase 80 units at $45 FIFO method A) Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. B) Based upon the preceding data, would you expect the inventory to be higher or lower using the last in, first out method? |
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FIFO:
Your Jun 6 sale will be at your Jun 1 cost. Your Jun 19 sale will be 15 units at your Jun 1 cost and the remainder at your Jun 14 purchase price. Your Jun 25 will be at your Jun 14 purchase price. LIFO: Your Jun 6 sale will be at your Jun 1 cost. Your Jun 19 sale will be at your Jun 14 purchase price. Your Jun 25 sale will be at your Jun 14 purchase price. You should now be able to solve your homework problem. |
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