Compute the following using the fifo lifo and weighted, Ask an Expert

Accounting

Sales $945,000

Administrative costs $25,000

Opening stock 1,000 litres at $30 per litre.

Purcahses: June1, 2002 200,000 litres at $28.50per litre.

june30,2002 100,000 litres at $30.30 per litre

Closing stock June 30, 2002 130,000 litres

Required: Compute the following using the FIFO, LIFO and weighted average method.

A) Value of invetory june 30

B) Amount of the cost of goods sold for june

C) Profit or loss for june.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436148

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