june 1 purchased item 1 @ 2.00 ea, June 3 sold 22 items, June 5th 25 new item 1 received @1.25, June 15- 17 item 1 sold, June 19 purchase 25 item 1@ 1.00, June 27 sold 6 item 1. What is the value of inventory as of June 30 under LIFO method
2007-11-11 17:05:35 · 2 answers · asked by sunshine0jean 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
no inventory prior to june 1st . on june 1 purchased 25 of item 1 @ 2.00 thanks
2007-11-12 00:20:42 · update #1
Don't know. How many did you have on the shelf on June 1st and what did they cost? And how many did you buy on June 1st?
2007-11-11 18:04:43 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If I'm reading your information, you purchased a total of 75 items and sold 45. I normally don't do LIFO like this, but my answer might be:
June 1 purchase 25 @ 2.00 = 50.00
June 5 purchase 5 @ 1.25 = 6.25
Total = 56.25
Unless you are using average cost which is a different calculation.
2007-11-15 12:20:29 · answer #2 · answered by Molly 6 · 0⤊ 0⤋