I am trying to follow my information on Inventory and LIFO and FIFO calculations of goods sold in each of these. Here is the originial problem below: On December 1, Cullumber Company has three DVD players left in stock. All are identical, all are priced to sell at $151. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $101. Another, with serial #1045, was purchased on November 1 for $90. The last player, serial #1056, was purchased on November 30 for $80. I know you can't give me the homework answer for this above problem. MY FIFO of $554 was incorrect. Would you have any idea of what I may be doing incorrectly to come up with this figure?
I am trying to follow my information on Inventory and LIFO and FIFO calculations of goods sold in each of these. Here is the originial problem below:
On December 1, Cullumber Company has three DVD players left in stock. All are identical, all are priced to sell at $151. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $101. Another, with serial #1045, was purchased on November 1 for $90. The last player, serial #1056, was purchased on November 30 for $80.
I know you can't give me the homework answer for this above problem. MY FIFO of $554 was incorrect. Would you have any idea of what I may be doing incorrectly to come up with this figure?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
