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Identify the amount of FIFO, LIFO, and AVERAGE inventory

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May 2 1 Gallon @ 1.95
May 7 1 Gallon @ 2.10
May 9 3 Gallon @ 2.65
May14 The Store sold 4 Gallon of milk to customers

Identify the amount that would be reported in the inventory on May 15 using a) FIFO b) LIFO c) Average

FIFO LIFO AVERAGE

Unit on hand _________ _______ ____________

Cost of Unit __________ ________ _________

Total Cost of Inventory May 15 __________ ________ _________

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Solution Summary

This solution calculates the amount to be reported in the inventory using FIFO, LIFO, and the average.

Solution Preview

FIFO:
Unit on hand = 1 + 1 + 3 - 4 = 1 unit
Cost of unit = $2.65
Total cost of inventory = the first 4 units ...

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