Periodic FIFO Inventory Methods Examples Help

Periodic FIFO Inventory Methods Examples, Concepts, Illustrations, Sample Help Online Services

 
Looking for Periodic FIFO Inventory Methods Examples, Concepts, Illustrations, Calculation to do your assignment, homework or project then you are at the correct place.
 

Meaning of FIFO Inventory method

 
Under FIFO inventory method goods purchased first are sold first. That means First-In-First-Out. Under Periodic FIFO Inventory Methods inventory purchase or sale is recorded in Purchases Account.
Purchases account is updated continuously but inventory account is updated on a periodic basis that is at the end of the accounting period which may be quarterly or monthly. It means as soon as inventory are purchased or sold it is not recorded in inventory account.The inventory is calculated at the end of the period with the help of following formula
 
Ending Inventory = Beginning Inventory + Units Purchased – Units Sold
 

Services We Offer

Features

Features for Accounting Assignment Help Services

Zero Plagiarism
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.

Best Customer Service
Our customer representatives are working 24X7 to assist you in all your assignment needs. You can drop a mail to assignmentconsultancy.help@gmail.com or chat with our representative using live chat shown in bottom right corner.

Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.

100% Confidential
All our works are kept as confidential as we respect the integrity and privacy of our clients.

Our Clients

Most of our clients are from UK, USA, Australia, Canada , UAE, New Zealand, Doha, Qatar, Muscat, Netherlands, France, Italy, Great Britain, Singapore, Malaysia looking for quality and accurate solutions.

Testimonials

Our Testimonials

Yash Batra, Student , UK University

“Great Experts to provide real time Accounts help services. They are just best in their approach”

Reham Fayad, Student MBA, USA

“They have some of the best USA experts to provide Accounts help online and also help me in my online exams.”

Graham Golith, Lancashire University, UK

“Best place to get all help in Accounts Essay and Exams. Will definitely recommend to all”

 

 

Periodic FIFO Inventory Methods Examples Explanation

 
Understanding the concept through an example
 
Under FIFO Units Purchased Units Sold Unit Cost Inventory Units
May 1 Inventory 700 $10 700
May 3 Purchase 100$12 800
May 8 Sale 500 $10 300
May 15 Purchase 600 $14 900
May 19 Purchase 200 $15 1,100
May 25 Sale 400 700
May 27 Sale 100 600
May 31 Ending Inventory 600
 
The cost per unit of goods sold on May 25 will be 200 units @ $10, 100 units @ $12 and 100 units @$14. This is because under FIFO the goods purchased are sold first that is at the rate at which it was purchased.
 
If you are looking for similar Periodic FIFO Inventory Methods Examples type assignment, click here . You can visit us for more examples here.
 

Summary
User Rating
5 based on 1 votes