FIFO Perpetual

Glowlight Inc. sells Widgets. Their inventor for Q1 2022 involved the following:

Inventory (Purchases):

Batch	Date	No.	Unit price
0 (Begin)	N/A	120	$40
1	1/10	50	$45
2	2/2	100	$46
3	2/28	100	$48

The following sales transactions occurred:

Sale	Date	No.	Sale price (each)
A	1/21	125	$80
B	2/25	50	$80
C	3/1	75	$80

Calculate Ending Inventory and COGS for each Sales Transaction using FIFO Perpetual

LIFO

• Assumes that units sold are most recently acquired (newest) units
• Ending inventory consists of cost of least recently acquired (oldest) units
• Perpetual calculate COGS by selling newest units available at the end of the period
• Periodic calculate COGS by selling newest units available at the end of the period
• Batches sold assigned by order of sale