Splish Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Question:
Splish Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.
| Units | Unit Cost | Total Cost | |
| April 1 inventory | 260 | $15 | $3,900 |
| April 15 purchase | 430 | 18 | 7,740 |
| April 23 purchase | 310 | 20 | 6,200 |
| 1,000 | $17,840 |
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
| Ending inventory | $_____ |
| Cost of goods sold | $_____ |
First-In-First-Out Inventory Valuation Method:
The first-in-first-out inventory valuation method operates from the assumption that the oldest inventory will always be sold first, so the inventory on hand at the end of a period would be from the latest purchases.
Answer and Explanation: 1
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Let us organized the information like this:
| Units | Unit Cost | Total Cost of inventory | Cost of Goods Sold | |
| April 1 inventory | 260 | $15 | $3,900 | |
| April 15... |
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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
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Chapter 6 / Lesson 11
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Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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