just want to know how to calculate FIFO AND WEIGHTED AVERAGE. Specific ID The...
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just want to know how to calculate FIFO AND WEIGHTED AVERAGE.
Specific ID The inventory records of Smart Touch indicate the following for the month of August: August 1 Beg. Inventory 2 units @ $350 5 Purchase 4 units @ $360 15 Sold 4 units @ 400 1 from Beg. Inv.; 3 from 8/5 purchase 26 Purchase 12 units @ $380 31 Sold 10 units @ $540 1 from Beg. Inv., 9 from 8/26 purchase FIFO L IFO W AVG Units Periodic Inventory System Spec ID Beginning Inventory + Purchases COGAS -Ending Inventory COGS Sales - COGS Gross Profit
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