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fifo urgent

This topic has 2 replies, 3 voices, and was last updated 13 years ago by alkemist.

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October 21, 2011 at 9:57 am #50175
shujaattt
Member
- Topics: 21
- Replies: 52
hi i have come across a problem in bpp revision kit.
an inventory account shows the following details:
50 units in stock at a cost of 40$ per unit
100 units purchased at 45$ per unit
80 units sold
50 units purchased at 50 $ per unit
60 units sold
So what is the inventory using the FIFO method?
answer in the book is 2950$
plz solve it for me I have a cbe after three days
thanks
October 21, 2011 at 10:34 am #88972
ansi
Participant
- Topics: 121
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hey, i ‘ve just answered this question in f3 forum
October 23, 2011 at 3:08 am #88973
alkemist
Participant
- Topics: 3
- Replies: 493
50 + 100 = 150
150 – 80 = 70 @$45
70 + 50 = 120
but 70 – 60 = 10 @ $45
thus at the end you have 10 @ $45 + 50 @ $50 = $450 + $2500 = $2950
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