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March 29, 2015

Homework Help: Accounting

Posted by Casey on Monday, February 27, 2012 at 12:15am.

In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence:
(1) 300 units at $6,
(2) 400 units at $8, and
(3) 500 units at $9.
Assuming there are 200 units on hand at the end of the period, compute the cost of the ending inventory under
(a) The FIFO method and
(b) The LIFO method. Cisler uses a periodic inventory system.

I don't understand this method, so please help?

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