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- Nov 22, 2013
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Hi, I was praying for some assistance in calculating the FIFO/LIFO and average cost on this problem for my 2nd year accounting course as I'm attempting it here with varying degrees of success.
This is the information I was given. I was also told there was no opening stock, and to calculate closing inventory for the following:
1 august received 2000 @ $10
5 august received 620 @ 10.80
7 august issued 1350
11 august received 600 @ $11.50
13 august received 400 @ $12.50
17 august issued 1250
19 august received 1050 @ $11
22 august received 640 @ $10.50
28 august issued 250
any help afforded to me would be greatly appreciated. Thanks a million in advance.
This is the information I was given. I was also told there was no opening stock, and to calculate closing inventory for the following:
1 august received 2000 @ $10
5 august received 620 @ 10.80
7 august issued 1350
11 august received 600 @ $11.50
13 august received 400 @ $12.50
17 august issued 1250
19 august received 1050 @ $11
22 august received 640 @ $10.50
28 august issued 250
any help afforded to me would be greatly appreciated. Thanks a million in advance.