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