Compute the ending inventory at September 30 using the FIFO and LIFO methods. [Solved]

Source(s): My homework

I guessing this a Wiley question cause i have the same one and **** cs.

Inventory 14 $88 $1,232
Purchases 45 102 4,590
Purchases 20 104 2,080
Purchases 50 111 5,550

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(a) FIFO COGS- 14 @ 88, 45 @ 102, 20 @ 104 and 39 @ 111 (14 45 20 39=118 units).
LIFO COGS- the opposite, 50 @ 111, 20 @ 104, 45 @ 102 and 3 @ 88 (50 20 45 3=118 units). You can then calculate your ending inventory with your COGS.
FIFO would be 11 @ 111= 1221 and LIFO would be 11 @ 88=968

(a) FIFO COGS- 14 @ 88, 45 @ 102, 20 @ 104 and 39 @ 111 (14 45 20 39=118 units).
LIFO COGS- the opposite, 50 @ 111, 20 @ 104, 45 @ 102 and 3 @ 88 (50 20 45 3=118 units). You can then calculate your ending inventory with your COGS.
FIFO would be 11 @ 111= 1221 and LIFO would be 11 @ 88=968

(b) You take your total purchase price of 13,452 and subtract.
13452-1221= 12231
13452-968= 12484

12231 1221= 13452
12484 968= 13452

12231 1221= 13452
12484 968= 13452

This post is last updated on hrtanswers.com at Date : 1st of September – 2022