How do i write Journal Entries for FIFO Perpetual Inventory?

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How do i write Journal Entries for FIFO Perpetual Inventory?

2006-07-14 12:54:46 · 3 answers · asked by michaelusa1 1 in Business & Finance ➔ Other - Business & Finance

3 answers

Credit Inventory (Balance Sheet)
Debit COGS (income statement)

FIFO perpetual is the same as FIFO periodic since the first one in is always the first one in regardless if you have bought more. LIFO perpetual, on the other hand, is more complicated than LIFO periodic since you have to always be certain you are expensing and crediting at the most recent purchase price, which can change multiple times over a given period.

2006-07-14 20:01:02 · answer #1 · answered by MagicalMke 4 · 0⤊ 0⤋

make a new entry in the inventory screen

2006-07-14 13:17:53 · answer #2 · answered by MasWorks_com 2 · 0⤊ 0⤋

If you are using average cost it would be $4.00

2016-03-27 05:41:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋