 What's the best CMA,GCA OR CA accounting? |
What's the best CMA,GCA OR CA accounting
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are mad lol..... |
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 How do you get products shipped to the UK? |
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 Treatment of Commission? |
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 How do you go about leasing raw land in order to get a tax write off? |
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 Gillette® tested radio-frequency identification (RFID) at only 400 stores and four distribution centers for? |
Gillette® tested radio-frequency identification (RFID) at only 400 stores and four distribution centers for all of these reasons except:
A. To handle the flood of data
B. To study the ... |
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 Do you think I can date Trish Regan or Erin Burnett? |
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 solid wood furniture manufaturer,can anyone introduce one for me? |
i'd like to buy some solid wood furniture and i know the price of solid wood furniture which from industry may be cheaper than others, any help?
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introduce some ... |
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 can someone please double check my answer to this question??Cash Dividends on Common Stock? |
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Adam | Okay I have looked absolutely everywhere for Lifo and Fifo information.? |
I don't understand it one bit. Here is my question for homework.
Snoslope sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Snoslope's purchases of Xpert snowboards during September. During the same month, 118 Xpert snowboards were sold. Snoslope uses a periodic inventory system.
Beginning Inventory: 14 at $98 = $1,372 total cost
Purchases: 45 at $102 = $4,590
20 at $104 = $2,080
50 at $106 = $5,300
I need to compute fifo and lifo ending inventory, fifo and lifo cost of goods sold, and fifo and lifo cost of goods sold ending inventory. Problem is I have no idea where to begin. Please help.
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I'm not asking you to do it for me if you don't want to. But just point me in the right direction (please don't send me links to websites telling me how to do it. I've already been on ehow and still can't really comprehend it) |
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Lynn
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FIFO stands for First In First Out and LIFO stands for Last In First Out. When you sell a product using FIFO you calculate your COGS(Cost of Goods Sold) and Ending Inventory by expensing the inventory you got in first. So if they sold 118 units then you would remove a 118 units starting with your beginning inventory and then move down to your purchases. LIFO is the opposite so you would remove what you bought last up until your beginning inventory. Once you have expensed what you have sold the units left over is the ending inventory.
FIFO COGS would be 14 @ 98, 45 @ 102, 20 @ 104 and 39 @ 106 (14+45+20+39=118 units). I ASSUMED THE PURCHASES WERE IN DATE ORDER. LIFO would be the opposite, 50 @ 106, 20 @ 104, 45 @ 102 and 3 @ 98 (50+20+45+3=118 units). Once you have COGS you can calculate your ending inventory by the units that are left over. FIFO would be 11 @ 106 and LIFO would be 11 @ 98.
Hope my explanation helps you. |
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