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LessOffensivenameBest ResponseYou've already chosen the best response.0
Are you A counting the question HARHARHAR.
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
The calculations in the attachment are correct but I don't understand how my teacher got them. Someone explain please?
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
The numbers from the 2nd attachment are from the 1st
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
Am I clear enough with what I'm asking?
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
ok where do you want to start. I see lifo /ending inventory
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
I have a worksheet that begins with the info given to me in the first attachment. I understood how my teacher got all of the other calculations (average, periodic fifo & lifo, and perpetual fifo) but I do not understand how she got the calculations she got in my second attachment for perpetual lifo.
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
and by periodic and perpetual, i mean inventory systems used by the company.
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
ok. let me know if you need anything else clarified.
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
sso you just need to know how she did the 2nd attachment?
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
1. cgs at LIFO 3/5 sold 5  so that means used all of the 4 on 3/4 purchase and 1 of the beg inventory =4*14 + 1 * 12 = 68 3/24 sold 2  so that means last in was 2 * 15 = 30 total cgs = 98 in order to do this you must look at each sold date based on the inventory that you have on hand
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
2. value of inventory Beg +8 * 12 sold 1 on 3/5 purchase 3/4 +4* 14 sold on 3/5 purchase 3/18 +11 * 15 sold 2 on 3/24 purchase left with 7 * 12 = 84 9 * 15 = 135 total of 219
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
3. gross profit based on sells less cgs (calculated 1 above) sells 5 *25 = 125 2 * 30 = 60 total sales 185 less cgs  98 GP is 87
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
yeah. i have all the numbers but i want to know why those numbers were used.
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
read what i wrote and see if you still have questions
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
i think you have some of the dates wrong above
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
cgs is based on using the last inventory in for the current sale so on 3/10 they sold 5 well she had 8 from beg and 4 from purchase on 3/4 so you use 4 on last sale and 1 from beginning
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
agreed on dates  but you still should be able to follow what i did  let m know if you need to me reexplain it
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
ok you can move on to someone else that needs assistance. ill let you know if i need more help.
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
I think I need the first part explained with words. Everything else makes sense based on the numbers from cost of goods sold. I mainly don't understand why we use a 2 to multiply 15.
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
easy  she sold on 3/24 2 right? well using LIFO premises what was the latest inventory that came in?
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
Idk Im not too keen on this stuff yet although its not too complicated.
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
right and you only need 2 of those so 2 * 15 (cost of those items) you are doing good  trust me deeper you go into accounting harder it gets. Not all about math :)
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
then why isnt the other one 5 times 12
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
because you have to look at the LAST IN  FIRST OUT
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
the last in on the first sell was 4 @ 14 but you sold 5 so you had to use all 4 @ 14 PLUS 1 from beginning @ 12
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
oh it kinda makes sense now lol
 2 years ago

mariomintchevBest ResponseYou've already chosen the best response.0
thanks. :) gave you some more medals for the help.
 2 years ago

JuanitaMBest ResponseYou've already chosen the best response.1
let me know if you have other questions.
 2 years ago
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