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Additional Details
introduce some ... |
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DOMO | FIFO ACCOUNTING PLEASE HELP!? |
Stellar Inc.'s inventory records show 300 units on hand on November 1 with a unit cost of $4 each. The following transactions occurred during the month of November:
___________________________________
nov4 UNIT SALES200@$9.00
nov8 unitpurchases 500@$4.50
nov9 UNIT SALES500@$9.00
nov18 unitpurchases 700@$4.75
nov20 UNIT SALES400@$9.50
nov29 unitpurchases 600@$5.00
All expenses other than cost of goods sold amount to $2,000 for the month. The company uses an estimated tax rate of 25% to accrue monthly income taxes.
How would I get the ending inventory? for FIFO Really need some help!
Additional Details
thanks APPLEGH!! you're very smart wow!! when I can chose the best answer, you will be the one who deserves it. |
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Apple Gh
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Nov 1 300 units at $4 each
Nov 4 100 units at $4 each (Due to sale)
Nov 8
100 units at $4 each
500 units at $4.50 each (Due to purchase)
Nov 9
100 units at $4.50 each (Due to sale of 100 units cost $4 each + 400 units cost $4.50 each)
Nov 18
100 units at $4.50 each
700 units at $4.75 each
Nov 20
400 units at $4.75 each (Due to sale of 100 units cost $4.50 each + 300 units at $4.75 each)
Nov 29
400 units at $4.75 each
600 units at $5 each
Sum up inventory on hand at Nov 29 gives u the ending inventory balance. |
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Kate
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See http://www.bizznus.com
i hope it will be helpful in resolving your problem keep using answers.yahoo.com |
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