FIFO & LIFO

Name ____________________________________________ ACCT 223 – Ch 5 – Inventory Complete the problems below. Refer to the example problems done in class and in the textbook. 1) Beginning inventory was 500 units at a cost of $20. Two purchases were made during the year, the first in May of 400 units at $22 each, and the second in October of 700 units at $24 each. Sales were 1500 units. Calculate cost of goods sold AND ending inventory under BOTH the LIFO and FIFO methods. Units $ Total Beg Inv May Oct COGAS (total) Sold (COGS) End Inv 2) Beginning inventory was 1,000 units at a cost of $50. Three purchases were made during the year, the first in Jan of 500 units at $51 each, and the second in July of 300 units at $53 each, and the third in Dec of 200 units at $56 each. Sales were 800 units. Calculate cost of goods sold AND ending inventory under BOTH the LIFO and FIFO methods. Units Beg Inv Jan July Dec COGAS Sold (COGS) End Inv $ Total

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