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Assignment - Applying FIFO and LIFO. Process on excel and show all calculations and formulas used. Cite all references and resources.Send paypal link.
Instructions: A company has made the following purchases of merchandise during the Month of July: July 1 purchased 380 units at $15 dollars each July 5 purchased 270 units at $20 dollars each July 9 sold 500 units at $55 dollars each July 14 purchased 300 units at $24 dollars each July 20 sold 250 units at $55 dollars each July 30 purchased 250 units at $30 each Using the purchase information found above, answer the two questions below.
As you complete each question, be sure to show the numbers/information you used to reach your final answer.
There was no beginning inventory.
If the company uses the first-in, first-out method and the perpetual system, what would be the cost of the ending inventory?
There was no beginning inventory. If the company uses the last-in, first-out method and the perpetual system, what would be the cost of the ending inventory?
Verified Expert
This assignment aims at valuing the closing stock using two most commonly used techniques FIFO method and LIFO method. The spreadsheet covers the valuation of the ending inventory using both the methods and also aims to reflect how the two techniques results in a difference in the value of ending inventory.
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