Periodic LIFO Inventory Methods Examples Help

Periodic LIFO Inventory Methods Examples, Concepts, Illustrations, sample Help Online Services

 

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

Meaning of LIFO Inventory method

 

Under LIFO inventory method goods purchased last are sold first. That means Last-In-First-Out. Under Periodic LIFO 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
But the only difference in LIFO is that old goods are sold at the current price.
 

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”


 

Meaning of LIFO Inventory Method Example Explanation

 
Understanding the concept better with help of an example.
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 500 300
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
 
Solution: the units sold on May 8 will be calculated as follows
100 units will be sold at the rate of @ $12 per unit and 400 units will be sold at the rate of @ $10 per unit.
 
If you are looking for similar Periodic LIFO Inventory Methods Examples type assignment, click here . You can visit us for more examples here.
 

Summary
User Rating
5 based on 1 votes