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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


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

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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