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just want to know how to calculate FIFO AND WEIGHTED AVERAGE. Specific ID The inventory records of Smart Touch indicate the following for the month
just want to know how to calculate FIFO AND WEIGHTED AVERAGE.
Specific ID The inventory records of Smart Touch indicate the following for the month of August: August 1 Beg. Inventory 2 units @ $350 5 Purchase 4 units @ $360 15 Sold 4 units @ 400 1 from Beg. Inv.; 3 from 8/5 purchase 26 Purchase 12 units @ $380 31 Sold 10 units @ $540 1 from Beg. Inv., 9 from 8/26 purchase FIFO L IFO W AVG Units Periodic Inventory System Spec ID Beginning Inventory + Purchases COGAS -Ending Inventory COGS Sales - COGS Gross ProfitStep by Step Solution
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