In Accounting, Details Below?
Jan 1 Inventory 12 units at $25 $ 300
Apr 20 Purchase 28 unit at $30 840
Nov 30 Purchase 40 units at $36 1,440
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Available for Dutch auction 80 units $2,580
There are 20 unit of the item in the physical inventory at Dec 31st. The broken up inventory system is used. Here is the 2 part give somebody the third degree. What is the inventory cost using FIFO and what is the inventory cost using LIFO. Im in involve of help
Answers: below FIFO:
inventory cost is $ 720 ( $36 x 20)
under LIFO
inventory cost is $ 540 [($ 25 x 12) + ($30 x 8)]
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Apr 20 Purchase 28 unit at $30 840
Nov 30 Purchase 40 units at $36 1,440
-----------
Available for Dutch auction 80 units $2,580
There are 20 unit of the item in the physical inventory at Dec 31st. The broken up inventory system is used. Here is the 2 part give somebody the third degree. What is the inventory cost using FIFO and what is the inventory cost using LIFO. Im in involve of help
Answers: below FIFO:
inventory cost is $ 720 ( $36 x 20)
under LIFO
inventory cost is $ 540 [($ 25 x 12) + ($30 x 8)]