Question

Ronald corp uses a perpetual inventory system. determine the costs assigned to cost of goods sold and ending inventory using both the FIFO and LIFO methods.

Answer 1

date Activities units acquired at cost unit sold
1/1 Beginning inventory 100 units @ $10= $1000
1/10 Sales 90 units
3/14 Purchase 250 units @ $15= 3750
3/15 Sales 140 units
7/30 Purchase 400 units @ $20= 8000
10/5 Sales 300 units
10/26 Purchase 600 units @ $25= 15000
Totals 1350 units $27750 530 units

Answer 2

I imagine
LIFO = last in first out
and
FIFO = first in first out,
but I don't know about this.

Answer 3

Good luck!

Answer 4

FIFO stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first
LIFO stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first

Answer 5

Errm I'm not really sure how to do this , sorry :(

Answer 6

@Whitemonsterbunny17 @halorazer @Drsuz98 @Mr_Perfection_xD can u help this young lady out

Answer 7

I don't know how to solve this type of problem, sorry. :/
I wish I could've been more helpful!! :s

Answer 8

I'm so sorry. :I but all of this is greek to me.
what class is this? im sophomore btw.

Answer 9

This is accounting

Answer 10

i believe in this instance FIFO and LIFO are referring to the sequence in which the orders are filled, and I think that the wrapping of the displayed table is making it look more confusing than it actually is.