LIFO FIFO Handout

LIFO FIFO Handout - was the cost of good sold for each unit...

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LIFO/FIFO Handout A certain company had the following purchases and sales during the year, what   was the cost of good sold  for each unit sold and what is the value of the ending   inventory  under  LIFO  inventory accounting? Beginning balance 10,000 units costing $2/unit purchased in 1990, and 20,000  units costing $3.5 purchased in 2003 January 1 purchased 25000 at $4/unit. February 2 – sold 30,000 – what is the COGS of these units?  ________________$/unit March 1 purchase 40,000 units at $4.5/unit
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April 10 sold 50,000 – what is the COGS of these units?  _________________$/unit May 30 purchased 5000 units at $5/unit June 20 sold 10,000 -   what is the COGS of these units?  __________________$/unit Ending inventory value ____________________$ A certain company had the following purchases and sales during the year, what
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Unformatted text preview: was the cost of good sold for each unit sold and what is the value of the ending inventory under FIFO inventory accounting? Beginning balance 10,000 units costing $2/unit purchased in 1990, and 20,000 units costing $3.5 purchased in 2003 January 1 purchased 25000 at $4/unit. February 2 – sold 30,000 – what is the COGS of these units? ________________$/unit March 1 purchase 40,000 units at $4.5/unit April 10 sold 50,000 – what is the COGS of these units? _________________$/unit May 30 purchased 5000 units at $5/unit June 20 sold 10,000 - what is the COGS of these units? __________________$/unit Ending inventory value ____________________$...
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