Need help with Accounting? FIFO and LIFO.

Anonymous
timer Asked: Mar 1st, 2018
account_balance_wallet $20

Question description

Looking for help solving FIFO and LIFO accounting techniques in my accounting homework. About half of the blue highlighted boxes are already filled out by me. If you could please fill in the blue highlighted boxes and explain each conclusion.

Need help with Accounting? FIFO and LIFO.
screen_shot_2018_02_28_at_8.59.49_pm.png
Need help with Accounting? FIFO and LIFO.
screen_shot_2018_02_28_at_9.00.01_pm.png
Need help with Accounting? FIFO and LIFO.
screen_shot_2018_02_28_at_8.59.58_pm.png

Tutor Answer

cathygiles247teacher
School: New York University

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1. (a)
Average cost

cost of goods available for sale
cost of goods sold
cost of
#of
goods
#of units
cost of
cost per unit
units
available
sold
cost
goods
for sale
per unit sold
$2,500
500

Beginning inventory
Purchases:
12-Jan
620
$4,340
26-Jan
100
$900
1220
Total
$6.34
$7,740
590
$6.34 $3,740.00
In average cost, the cost per unit is determined by the total value of inventory divided by the total
units. The total cost of goods sold is therefore obtained by the total units sold multiplied by the
cost per unit.
FIF...

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Review

Anonymous
Awesome! Exactly what I wanted.

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