What would be the cost of Closing Inventory under FIFO and LIFO methods?
Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods?
Opening Inventory 1000 units @ $ 10 $ 10,000
Purchase (1) 800 units @ $ 11 $ 8,800
Purchase (2) 500 units @ $ 14 $ 7,000
Purchase (3) 400 units @ $ 12 $ 4,800
Purchase (4) 300 units @ $ 13 $ 3,900
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Totals 3000 units $ 34,500
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Mohd moiz from India
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