FIFO Method Question

by Gagan
(Ghaziabad)

1/3/2009

1 Mar opening balance 880 @ $9
2 Mar purchase 300 @ $6
4 Mar sell 400
6 Mar sell 600
10 Mar purchase 400 @ $8
15 Mar purchase 500 @ $5
22 Mar sell 900
27 Mar purchase 200 @ $2
28 Mar sell 100
30 Mar purchase 900 @ $3
31 Mar sell 700

What is the closing balance if this business uses the FIFO method?



Related Questions & Tutorials:

• Another FIFO Method Question
• FIFO METHOD Formula Question
• Advantages of FIFO and LIFO Methods
• Examples of FIFO Products in Real Life

Return to the Full Tutorial on FIFO and LIFO Accounting and the Weighted Average Cost Method

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