What will be the difference in the cost of goods sold under LIFO and FIFO method given the following Information?
| Time | Activity | Unit | Price per units |
| January 1, 2023 | Beginning Inventory | 10,000 | Tk 8 |
| April 10, 2023 | Purchase | 5,000 | Tk 10 |
| November 15, 2023 | Purchase | 7,000 | Tk 12 |
| On December 31, 2023, 14,000 units were sold at Tk 15 per unit | |||
Created: 2 months ago |
Updated: 3 days ago
best des
Cost of goods Sold according to FIFO method:
(10,000 unit x 8 tk) + (4,000 unit x 10 tk) = 120,000 tk.
Cost of goods Sold according to LIFO method:
(7,000 unit x 12 tk) + (5,000 unit x 10 tk) + (2,000 unit x 12 tk)= 150,000 tk.
The difference is (150,000-120,000)= 30,000 tk.
Please, contribute to add content.
Content
Related Question
View More
Created: 10 months ago |
Updated: 2 months ago
HELP US TO FIND OUT THE RIGHT ANSWER.
VOTE STATISTICS
OPTION 1 : 0
OPTION 2 : 7
OPTION 3 : 0
OPTION 4 : 0
Created: 10 months ago |
Updated: 3 months ago
Created: 10 months ago |
Updated: 9 months ago
Created: 10 months ago |
Updated: 3 weeks ago
Created: 10 months ago |
Updated: 3 months ago
Promotion
Download Our Mobile Apps
