Exercise to calculate FIFO and LIFO. Warner International, Inc. has the following inventory at hand, in order of acquisition in August 2016:
|
Date
|
Units
|
Units cost
|
Total Cost
|
|
August 01, 2016
|
500
|
$20
|
$10,000
|
|
August 03, 2016
|
800
|
$24
|
$19,200
|
|
August 07, 2016
|
700
|
$26
|
$18,200
|
|
August 10, 2016
|
800
|
$28
|
$22,400
|
|
August 12, 2016
|
900
|
$30
|
$27,000
|
|
Total
|
3700
|
|
$96,800
|
Warner International, Inc. sold 2,400 units during the month of August Is required:
Calculate the inventory as of August 31, 2016.Indicate how much is in units and dollars.
Also calculate the Cost of Goods Sold using the following inventory methods:
1. FIFO 2. LIFO