- Financial Accounting & Bookkeeping
- Purchases, Inventory and Cost of Goods Sold (COGS)
Calculate Ending Inventory using FIFO periodic for a store
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Using the FIFO periodic inventory costing method, calculate the store's ending inventory for April. The store sold 850 units during April.
Date Units Purchased Cost Per unit Total Cost
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15-Apr 200 $5.00 $1,000.00
24-Apr 500 $6.00 $3,000.00
26-Apr 300 $5.50 $1,650.00
29-Apr 400 $5.75 $2,300.00
Total 1400 $7,950.00
The solution calculates Ending Inventory using FIFO periodic for a store.