Ask Experts Questions for FREE Help !
Ask
    j032ingrid's Avatar
    j032ingrid Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 8, 2015, 06:17 PM
    Accounting FIFO and LIFO
    Stuck on perpeptual FIFO
    On Jan. 26th the company sells 350 units. 150 units remain in the ending inventory Jan 31.

    Beginning inventory Jan 1... 320 units at 3.00
    Purchase Jan 9... 80 units at 3.20
    Purchase Jan 25... 100 units at 3.34

    Perpetual inventory... what is the ending inventory??
    Been trying to figure out a step by step method for over 2 hrs... eeek!! HELP Please
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Feb 17, 2015, 08:44 AM
    Inventory sold

    320@ 3.00 320
    80@ 3.20 30
    100@ 3.34

    Inventory
    50 @3.20
    100@ 3.34

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!

Accounting Problem, Using FIFO,LIFO, Weighted Average Methods [ 1 Answers ]

The following are the transactions for the month of July. Units Unit cost July 1 Beginning Inventory 2,200 $ 18 July 5 Sold 1,000 July 13 Purchased 5,900 ...

Fifo, lifo [ 1 Answers ]

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 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 ...

Fifo vs lifo [ 1 Answers ]

What are the advantages and disadvantages using fifo and lifo as inventory valuation methods?

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