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