Comments for FIFO Method Question Click here to add your own comments

fifo by: makwaza closing 480 *$3=1440

FIFO Method Question by: Patrick Closing Balance: 400 units worth $1,200 Working is as follows; Receipts Issues Balance units $ total units $ total units $ total 800 9 7,200 300 6 1,800 1,100 9,000 400 9 3,600 700 5,400 600 400 9 3,600 200 6 1,200 600 4,800 100 600 400 8 3,200 500 3,800 500 5 2,500 1,000 6,300 900 100 6 600 400 8 3,200 400 5 2,000 900 5 2,000 100 500 200 2 400 300 900 100 5 500 200 400 900 3 2,700 1,100 3,100 700 200 2 400 500 3 1,500 700 1,900 400 1,200 The last figures under Balance is the closing stock(inventory) for the end of the month i.e. 400 units @ $1,200. On my answer, i excluded the date column, the spaces in between the figures on the top and those below represent another date. If you have any question on this, please ask.

Different Answer by: Anonymous Correct Answer after completing all entries. 31 March 480 * $3 = $1440

Answer by: Qasim Closing Balance is 1080 units having total value of 6780. Details; 180 units @ $ 6 having value 1080 400 units @ $ 8 having value 3200 500 units @ $ 5 having value 2500 total 1080 units @ $ (N/A) having value 6780

Click here to add your own comments Return to Ask a Question About This Lesson!.

---

Enjoying this Website?
Help Support it with a Donation

OR...

---

---

Advertise on Accounting-Basics-for-Students.com