Mr John in E.g 2 which is LIFO you b/d the opening bal continuously even thou it shows that we've used it on the 12 Nov when we made an issue. It so so confusing pls make it clear.
Ask the Tutor ACCA MA
Ordering & Accounting for inventory
6y ago#1We certainly did not use it on 12 November!!!
LIFO is last in first out, so the issue on 12 November was from the most recent receipt which was on 8 November.
I do suggest that you watch the free lecture working through this example again. (I assume that you are not using the notes without watching the lectures that go with them, because that would be pointless :-) )
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