Compute ending inventory using the fifo method


Jones Company records the following activity as it relates to their inventory activity for the month of January.

1/1       Beginning Inv             600 units         @        $35/unit

1/10     Purchase                     450 units         @        $56/unit

1/13     Purchase                     200 units         @        $57/unit

1/15     Sales                                                                                       430 @90/unit

1/21     Purchase                     230 units         @        $58/unit

1/30     Purchase                     345 units         @        $59/unit

1/31     Sales                                                                                       335 @90/unit

Compute ending inventory using the FIFO method.

Compute cost of good sold using FIFO.

Compute ending inventory using LIFO

Compute cost of goods sold using the LIFO method.

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Accounting Basics: Compute ending inventory using the fifo method
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