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Beginning Inventory on January 1st, 2023: 100 units at $320 per unit Purchases during 2023: March 1st: 250 units at $341 per unit July 1st:
Beginning Inventory on January 1st, 2023:
100 units at $320 per unit Purchases during 2023:
March 1st: 250 units at $341 per unit
July 1st: 200 units at $343 per unit
October 1st: 100 units at $346 per unit
December 1st: 50 units at $347 per unit
Sales during 2023: April 1: 230 units September 1: 120 units November 1: 100 units
CREATE Lifo and Fifo TABLE , NB: the table should be like this
Same for FIFO
\begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ IFO } \\ \hline Jan. 1st & 100 & 320 & 32000 & 100 & 320 & 32000 \\ \hline & & & & 100 & & 32000 \\ \hline \multirow[t]{3}{*}{ Mar. 1st } & 250 & 341 & 85250 & 100 & 320 & 32000 \\ \hline & & & & 250 & 341 & 85250 \\ \hline & & & & 350 & & 117250 \\ \hline \multirow[t]{3}{*}{ Apr. 1st} & -230 & 0 & 0 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & -230 & & 0 & 120 & & 38820 \\ \hline \multirow[t]{4}{*}{ Jul. 1st } & 200 & 343 & 68600 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & & & & 200 & 343 & 68600 \\ \hline & & & & 320 & & 107420 \\ \hline \multirow[t]{4}{*}{ Sept. 1st} & -120 & 320 & -38400 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & & & & 80 & 343 & 27440 \\ \hline & & & & 200 & & 66260 \\ \hline \multirow[t]{5}{*}{ Oct. 1 st} & 100 & 346 & 34600 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & & & & 80 & 343 & 27440 \\ \hline & & & & 100 & 346 & 34600 \\ \hline & & & & 300 & & 100860 \\ \hline \multirow[t]{4}{*}{ Nov. 1st} & -100 & 320 & -32000 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & & & & 80 & 343 & 27440 \\ \hline & & & & 200 & & 66260 \\ \hline \multirow[t]{5}{*}{ Dec. 1st} & 50 & 347 & 17350 & 100 & 320 & 32000 \\ \hline & & & & 20 & 341 & 6820 \\ \hline & & & & 80 & 343 & 27440 \\ \hline & & & & 50 & 347 & 17350 \\ \hline & & & & 250 & & 83610 \\ \hline \end{tabular}Step by Step Solution
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