FIFO and LIFO method
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Free InquiryThe inventory of ABC Company on November 30, 2014 shows 200 units at € 160 per unit. A physical inventory on December 31, 2014, shows a total of 400 units on hand. Revenue from sales for December totals € 400,000 (= 2,000 units at € 200 per unit). The following purchases were made during December 2014:
Dec. 11: 900 units at € 175 per unit
Dec. 23: 900 units at € 165 per unit
Dec. 27: 400 units at € 180 per unit
Requirement:
1. Calculate the cost of goods sold for December 2014 and the inventory cost as of December 31, 2014, using the FIFO method and LIFO method.
2. Compute the gross profit for December 2014.
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