Question: First - In , First - Out ( FIFO ) ILLUSTRATION 6 . 6 COST OF GOODS AVAILABLE FOR SALE table [ [ Date

First-In, First-Out (FIFO)
ILLUSTRATION 6.6
COST OF GOODS AVAILABLE FOR SALE
\table[[Date,Explanation,Units,Unit Cost,Total Cost],[Jan.1,Purchase,100,$10,$1,000],[Apr.15,200,11,2,200],[Aug.24,Purchase,300,12,3,600],[Nov.27,Purchase,400,13,5,200],[,Total,1,000,,$12,000],[STEP 1: ENDING INVENTORY,STEP 2: COST OF GOODS SOLD],[Date,Units,Unit Cost,Total Cost,],[Nov.27,400,$13,$5,200,,Cost of goods available for sale,,$12,000],[Aug.24,50,12,600,,Less : Ending inventory,,5,800],[Total,450,,$5,800,,Cost of goods sold,,$ 6,200]]Last-In, First-Out (LIFO)
\table[[COST OF GOODS AVAILABLE FOR SALE],[Date,Explanation,Units,Unit Cost,Total Cost],[Jan.1,Beginning inventory,100,$10,$1,000],[Apr.15,Purchase,200,11,2,200],[Aug.24,Purchase,300,12,3,600],[Nov.27,Purchase,400,13,5,200],[,Total,1,000,,$12,000],[STEP 1: ENDING INVENTORY,STEP 2: COST OF GOODS SOLD],[Date,Units,Unit Cost,Total Cost,],[Jan.1,100,$10,$1,000,,,Cost of goods available for sale,$12,000],[Apr.15,200,11,2,200,,Less : Ending inventory,,5,000],[Aug.24,150,12,1,800,,Cost of goods sold,,$ 7,000]]
Total
450
ILLUSTRATION 6.8
Please show me the details under F from ending inventory how did August 24 come up with 50 units show me the calculations how u get it. Also,
First - In , First - Out ( FIFO ) ILLUSTRATION 6

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!