Question:

FIFO and LIFO method. Please help! will pick best answer ty?

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Units Units Cost Cost

Beginning Inventory 1,000 $18.00 $18,000

Purchases: #1 1,800 $18.25 $32,850

#2 800 $18.50 $14,800

#3 1,200 $19.00 $22,800

Goods available for sale $4,800 units $88.450 cost

Huton sells 2,800 units.

Question 1: FIFO method- cost of goods sold for beg/end?

Question 2: LIFE method – cost of good sold for beg/end?

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  1. Q 1. FIFO:

    CGS = $50,850

    1,000 x 18 = $18,000

    1,800 x 18.25 = $32,850

    End Inv = $37,600

    800 x 18.50 = 14,800

    1200 x 19 = 22,800

    Q 2. LIFO:

    CGS = $52,200

    1200 x 19 = 22,800

    800 x 18.50 = 14,800

    800 x 18.25 = 14,600

    End Inv = $36,250

    1000 x 18.25 = 18,250

    1000 x 18 = 18,000

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