CALCULATE FIFO AND LIFO
Lenovo Group Ltd. is a Chinese multinationaltechnology company with headquarters in Beijing, China, andMorrisville, North Carolina, United States. It designs, develops,manufactures and sells personal computers, tablet computers,Smartphoneâs, workstations, servers, electronic storage devices, ITmanagement software, and smart televisions. In 2016, Lenovo havethe following inventory on hand for January 2016:
Date
Units
Units cost
Total Cost
January 08, 2016
100
$200
$20,000
January 15, 2016
300
$250
$75,000
January 24, 2016
150
$350
$52,500
January 28, 2016
400
$230
$92,000
January 30, 2016
600
$300
$180,000
Total
1550
$419,500
Lenovo Group Ltd. sold 1,000 units during the month ofJanuary.
Required:
Calculate the inventory by the 31st day of 2016. Indicate how muchinventory is in units and in dollars. Also calculate the Cost ofGoods Sold using the following inventory methods:
FIFO
LIFO
CALCULATE FIFO AND LIFO
Lenovo Group Ltd. is a Chinese multinationaltechnology company with headquarters in Beijing, China, andMorrisville, North Carolina, United States. It designs, develops,manufactures and sells personal computers, tablet computers,Smartphoneâs, workstations, servers, electronic storage devices, ITmanagement software, and smart televisions. In 2016, Lenovo havethe following inventory on hand for January 2016:
Date | Units | Units cost | Total Cost |
January 08, 2016 | 100 | $200 | $20,000 |
January 15, 2016 | 300 | $250 | $75,000 |
January 24, 2016 | 150 | $350 | $52,500 |
January 28, 2016 | 400 | $230 | $92,000 |
January 30, 2016 | 600 | $300 | $180,000 |
Total | 1550 | $419,500 |
Lenovo Group Ltd. sold 1,000 units during the month ofJanuary.
Required:
Calculate the inventory by the 31st day of 2016. Indicate how muchinventory is in units and in dollars. Also calculate the Cost ofGoods Sold using the following inventory methods:
FIFO
LIFO
