Pricing System - FIFO, LIFO and Weighted AVerage
by Michael Idang
There was an opening balance of 100 units which had a value of #3900. Bought: may 100units @ #41, june 200units @ #50, august 400units @ #51.875, sold: july 250 units @ #64, september 350 units @ #70, october 100 units @ #74. Note: the price of #51.875 each for the august receipt was #6.125 per unit than the normal price because of the large quantity ordered.
Required: FIFO, LIFO & WEIGHTED AVERAGE METHOD.
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