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What is FIFO Inventory Statement Explained about?

This document presents an inventory statement using the FIFO (first in, first out) method. It defines FIFO as treating the earliest purchased goods as the first to be sold. The example shows an inventory statement for a company in January 2010, with beginning inventory of 6kg at Rp1,000, a purchase of 6kg at Rp1,200 on January 5th, another purchase of 5kg at Rp1,200 on January 10th, and an examination on January 31st showing 8kg remaining in inventory. Using FIFO, the statement values the remaining 8kg as 6

Author

Hopaya S. Rahmawati

Language

EN