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FIFO

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › FIFO

  • This topic has 3 replies, 2 voices, and was last updated 3 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 19, 2022 at 6:41 pm #647049
    sarbrina
    Participant
    • Topics: 57
    • Replies: 78
    • ☆☆

    Hi Mr. John

    I have been struggling with FIFO for the longest time. I have watched all your lectures yet i can’t seem to ever arrive at the right answer. The answer i got for this question is $4500, which is obviously wrong. Can you please help me answer this question correctly?

    Q.) Boomerang Co had 200 units in inventory at 30 November 20X1 valued at $800. During December it made the following purchases and sales.

    2/12 Purchased 1,000 @ $5 each
    5/12 Sold 700 @ $7.50 each
    12/12 Purchased 800 @ $6.20 each
    15/12 Purchased 300 @ $6.60 each
    21/12 Sold 400 @ $8.00 each
    28/12 Sold 500 @ $8.20 each

    Calculate the closing inventory using FIFO.

    January 20, 2022 at 8:19 am #647095
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    The number of units in inventory are 200 + 1,000 – 700 +800 + 300 – 400 – 500 = 700

    They must be the most recent purchases and so 300 must have cost $6.60, and 400 must have cost $6.20.

    January 20, 2022 at 11:55 am #647117
    sarbrina
    Participant
    • Topics: 57
    • Replies: 78
    • ☆☆

    Thank you Mr. John

    January 21, 2022 at 10:11 am #647189
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    You are welcome.

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘FIFO’ is closed to new replies.

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