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lifo method and fifo

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › lifo method and fifo

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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    Posts
  • November 24, 2023 at 10:54 am #695393
    Anonymous
    Inactive
    • Topics: 7
    • Replies: 3
    • ☆

    The following information relates to the receipts and issues of materials at S Co for the month of August.

    Units received Units issued
    3 August 400 @ $17 each
    5 August 250 @ $18 each
    12 August 120
    18 August 480
    25 August 275 @ $16 What is the value of the units issued on 18 August using the LIFO method of inventory valuation? and also find the closing inventory using FIFO method

    IN FIFO METHOD
    in this i get confused in which they subtract 120 FROM 400 AND GET 280 WITH PER UNIT COST OF 17 AND THEN TOGETHER THEY FIND FOR AUG 18 ISSUES BY 280 AND 200 AND MULTIPLYING IT WITH UNIT COSTS

    IN LIFO VALUATION
    IN THIS THEY TAKE 250 AND SUBTRACT IT FROM 120 TO GET 130 AND THEN TAKE 130 AND SUBTRACT 480 TO GET 350
    CAN U EXPLAIN ME FULLY THE SUM WHAT THEY DO I COULD’NT GET WHAT THEY DO IN IT

    November 24, 2023 at 3:41 pm #695410
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54680
    • ☆☆☆☆☆

    Have you watched my free lectures on this, because I show the workings in detail and explain them?

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