Im trying to prepare a partial Inc. Stmt. for the FIFO andLIFO COGS and Closing
ID: 2433637 • Letter: I
Question
Im trying to prepare a partial Inc. Stmt. for the FIFO andLIFO COGS and Closing Inv. using the inventory numbers below: Inventory Jan1 Balance 700 units @$7.00 4,900 Mar 6 Purch. 300 units @7.05 2,115 June 22 Purch. 8,400 units @7.50 63,000 Oct4 Purch. 500 units @8.50 4,250 Sales Rev. Dec. 31 9,000units 127,800 No matter how many dif ways I try to compute9,000 units, I just can't seem to get my FIFO to equal $60,785 andmy LIFO to equal $59,845. I have my avg of $7.5015 though. Cansomeone please help? Thanks. Im trying to prepare a partial Inc. Stmt. for the FIFO andLIFO COGS and Closing Inv. using the inventory numbers below: Inventory Jan1 Balance 700 units @$7.00 4,900 Mar 6 Purch. 300 units @7.05 2,115 June 22 Purch. 8,400 units @7.50 63,000 Oct4 Purch. 500 units @8.50 4,250 Sales Rev. Dec. 31 9,000units 127,800 No matter how many dif ways I try to compute9,000 units, I just can't seem to get my FIFO to equal $60,785 andmy LIFO to equal $59,845. I have my avg of $7.5015 though. Cansomeone please help? Thanks. Dec. 31 9,000units 127,800 No matter how many dif ways I try to compute9,000 units, I just can't seem to get my FIFO to equal $60,785 andmy LIFO to equal $59,845. I have my avg of $7.5015 though. Cansomeone please help? Thanks.Explanation / Answer
x.Xotal Inventory available for sale = 700 + 300 + 8,400 + 500 = 9,900 units