What is my remaining inventory on the balance sheet if I sell 2,000 units at $3 each under LIFO?

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

I sold 2,000 units at $3 each and am using FIFO to value my inventory. Using the chart below, please tell me what my COGS is.

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

Using the same example as the last question, what is the remaining value of the inventory on the balance sheet after selling the 2,000 units at $3 each under FIFO?

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

Using the same FIFO example of selling 2,000 units at $3 each, what is my revenue?

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

What is my income if I sell 2,000 units at $3 each?

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

Under LIFO, if I sell 2,000 units at $3.00 each, what is my cost of goods sold?

year of purchase	Units	Cost/Unit	Total cost
Year 1	500	$1.00	$500
year 2	2000	$1.25	$2,500
year 3	1000	$1.50	$1,500

Answer rating: 100% (QA)

1 Calculate the remaining inventory on the balance sheet using the Last In First Out LIFO method after selling 2000 units at 3 each Start with the most recent purchase year 3 Remaining Units from year ... View the full answer