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Example Exercise 1. Inventory Cost Flow Assumptions. Example Exercise 1. Inventory Cost Flow Assumptions - FIFO. Example Exercise 1. Inventory Cost Flow Assumptions - LIFO. Example Exercise 1. Inventory Cost Flow Assumptions–Average Cost. 2. Example Exercise 1. 1. Sales $70

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slide1

Example Exercise 1

Inventory Cost Flow Assumptions

slide2

Example Exercise 1

Inventory Cost Flow Assumptions - FIFO

slide3

Example Exercise 1

Inventory Cost Flow Assumptions - LIFO

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Example Exercise 1

Inventory Cost Flow Assumptions–Average Cost

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2

Example Exercise 1

1

Sales $70

Less cost of merchandise sold (45)

Gross Profit $25

Ending Inventory ($48 + $51) $99

(a) FIFO

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2

Example Exercise 1

1

Sales $70

Less: cost of merchandise sold (51)

Gross Profit $19

Ending Inventory ($45 + $48) $93

(b) LIFO

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2

Example Exercise 1

1

Sales $70

Less: cost of merchandise sold (48)

Gross Profit $22

Ending Inventory ($48 x 2) $96

(c) Average Cost

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Example Exercise 1

1

1

 For Practice: PE 1A, PE 1B

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