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How do I figure out the Fifo and Lifo and weighted average of this problem?


Beginning Inventory January 1 64 $9 $ 576
Purchase January 15 243 10 2,430
Purchase January 24 103 11 1,133

131 Units were sold.

449 day(s) ago

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brucechangcpa 		Total units available for sale: 64 + 243 + 103 = 410
Total units sold 131
Balance in hand 410 - 131 = 279

Valuation FIFO basis
January 24 Purchases 103 units @11 1,133
January 15 purchases (balance) 176 @ 10 1,760
Total cost 2,893

Valuation LIFO basis
January 1 64 @ 9 = 576
January 15 purchases 215 @ 10 2,150
Total cost 2,726

Valuation weighted average

Total cost 410 units 576 +2430 + 1133 = 4,139
average cost 4,139 / 410 = 10.09512
Inventory value 279 * 10.09512 = 2,816.54

Posted 449 days ago

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Question Title How do I figure out the Fifo and Lifo and weighted average of this problem?
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