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Business Math

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Lee Corp. purchased 10 key chains on January 1, 2010 for $9.00 each and 5 key chains were purchased on December 1, 2010 for $10.00. Seven were sold. What would be the inventory amount for LIFO, what would be the inventory amount for
FIFO

  • Business Math - ,

    LIFO: last in first out.
    Date qty unit price total inventory
    Jan1 10 9 $90 $90
    Dec. 5 10 $50 $140
    Sold 7:
    sold 5 10 $50 $90
    sold 2 9 $18 $72

    FIFO: first in first out
    Jan1 10 9 $90 $90
    Dec. 5 10 $50 $140
    Sold 7:
    sold 7 9 $63 $77

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