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Period Inventory using FIFO & LIFO There are 15 units of the item in the physical inventory at December 31. Determine the inventory cost uniting
Period Inventory using FIFO & LIFO
There are 15 units of the item in the physical inventory at December 31. Determine the inventory cost uniting the First-in, first-out (FIFO) and the last-in first-out(LIFO) method. (Round per unit cost two decimal places and your final answer to the nearest whole dollar.) Trying to create my spreadsheet to have it all setup. Thank you.
Jan 1 | Inventory | 16 units | $49 | $784 |
Jul 7 | Purchase | 15 units | $52 | $780 |
Nov 23 | Purchase | 19 units | $54 | $1026 |
50 total units | $2590 (Total) |
A. FIFO___________
B. LIFO ___________
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