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July 15th, 2012, 03:43 PM   #1
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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
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January 7th, 2014, 11:49 AM   #2
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Re: FIFO - LIFO

FIFO
COGS-$624 Gross profit-$816
LIFO
COGS-$744 Gross profit-$696
Weighted Average
COGS $660-gross 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...ge-calculator/
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