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July 15th, 2012, 03:43 PM  #1 
Member Joined: Feb 2012 Posts: 97 Thanks: 0  FIFO  LIFO
I've answered this question a number of times only coming out with the wrong result. Can anyone point out how I can do this? http://i46.tinypic.com/zlyoux.jpg 
January 7th, 2014, 11:49 AM  #2 
Newbie Joined: Jan 2014 Posts: 1 Thanks: 0  Re: FIFO  LIFO FIFO COGS$624 Gross profit$816 LIFO COGS$744 Gross profit$696 Weighted Average COGS $660gross profit$780 I've been an accounting student for 3 years now so I did this problem by hand but in the past I have used the inventory calculator found at the link below. It will calculate FIFO, LIFO, and weighted average methods in seconds. You can also use it to quickly check your work when doing these types of problems. http://www.accountingland.net/fifoli...gecalculator/ 

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