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What is LIFO Costing for Smith Company Inventory about?

Smith Company purchased inventory throughout the year, ending with 1,700 units available and $33,750 in total costs. They sold 560 units total, leaving 1,140 units remaining. Using FIFO, earlier purchased units are assumed to be sold first, assigning $14,000 to cost of goods sold and $19,750 to ending inventory. Using LIFO, later units are assumed sold first, assigning $22,400 to cost of goods sold and $11,350 to ending inventory.

Author

waiting4y

Language

EN