fifo 4.jpg - a FIFO To aT Purchases Sales Balance Qtty Unit...

  • No School
  • AA 1
  • 1

This preview shows page 1 out of 1 page.

Image of page 1

You've reached the end of your free preview.

Want to read the whole page?

Unformatted text preview: a) FIFO To aT Purchases Sales Balance Qtty Unit cost Total Qtty Unit Total Qtty Unit Total cost cost cost cost cost Jan 1 20 20 400 20 20 400 Jan 5 17 20 340 3 20 60 May 55 30 1,650 3 (FIFO) 20 60 19 55 30 1,650 3 (FIFO) 20 60 30 30 900 25 30 750 Oct 25 31 775 25 30 750 23 25 31 775 20 30 600 5 30 150 25 31 775 100 2,825 |70 1,900 30 925 ( Total ) b ) LIFO Total Purchases Sales Balance 2tty Unit cost Total Qtty Unit Total Qtty Unit Total cost cost OS cost cost Jan 1 20 20 400 20 20 400 Jan 5 17 20 340 3 20 60 May 55 30 1,650 3 v 20 60 * 3 biar (LIFO ) 19 55 30 1,650 33 30 . 990 3 20 60 difference L 22 30 660 Oct 25 31 775 3 20 60 23 22 30 660 25 31 775 20 31 620 3 20 60 22 30 660 5 31 155 100 70 1,950 30 875 c) Weighted average cost method *in the perpetual inventory system - known as moving-average method *new average is computed after each purchase *Formula = Cost of goods available for sale / units on hand *E.g; 24...
View Full Document

  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors