- Joined
- Oct 31, 2011
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http://oi39.tinypic.com/16i794z.jpg
So I tried:
Beginning Inventory: 70 units, $35/unit
Oct 4 Purchase: 120 units, $64/unit
Oct 15 Sell: 140 units, $11,900
Oct 20 Purchase: 130 units, $74/unit
Oct 22 Sell: 80 units, $6800
For FIFO:
Oct 15 Sell: (70*35) + (70*64) = 6930
Oct 22 Sell: (50*64) + (30*74) = 5420
6930 + 5420 = $12350
For LIFO:
Oct 15 Sell: (130*74) + (10*64) = 10260
Oct 22 Sell: (80*64) = 5120
10260 + 5120 = 15380
15380 - 12350 = 3030 LIFO Adjustment needed.
But this is the wrong answer. What am I doing wrong? Thanks.
So I tried:
Beginning Inventory: 70 units, $35/unit
Oct 4 Purchase: 120 units, $64/unit
Oct 15 Sell: 140 units, $11,900
Oct 20 Purchase: 130 units, $74/unit
Oct 22 Sell: 80 units, $6800
For FIFO:
Oct 15 Sell: (70*35) + (70*64) = 6930
Oct 22 Sell: (50*64) + (30*74) = 5420
6930 + 5420 = $12350
For LIFO:
Oct 15 Sell: (130*74) + (10*64) = 10260
Oct 22 Sell: (80*64) = 5120
10260 + 5120 = 15380
15380 - 12350 = 3030 LIFO Adjustment needed.
But this is the wrong answer. What am I doing wrong? Thanks.