how do I calculate ending inventory for FIFO, LiFO, and average. I am working on problem p7-2 page 7-48 of the Intermediate accounting book. As an accountant for Lee Co. Your supervisor gave you the following calculations of the gross profit for the first quarter. Prepare the ending inventory in units and dollars and proving the cost of good sold shown here. example: Sales 500,000 @ $50 each COGS 200,000 GProfit 300,000 Begin inventory 12,000 units @ 20.00 Purch 4,000 units @ 21.00 Purch 6,000 units @ 22.00 Purch 8,000 units @ 23.00 beginning inventory + purchases = 30,000 units, & $640,000. Just not sure how to calculate my ending inventory.
how do I calculate ending inventory for FIFO, LiFO, and average. I am working on problem p7-2 page 7-48 of the Intermediate accounting book.
As an accountant for Lee Co. Your supervisor gave you the following calculations of the gross profit for the first quarter. Prepare the ending inventory in units and dollars and proving the cost of good sold shown here.
example:
Sales 500,000 @ $50 each COGS 200,000 GProfit 300,000
Begin inventory 12,000 units @ 20.00
Purch 4,000 units @ 21.00
Purch 6,000 units @ 22.00
Purch 8,000 units @ 23.00
beginning inventory + purchases = 30,000 units, & $640,000. Just not sure how to calculate my ending inventory.
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