Additional Info




All the lessons on this site and much, much more...

Available Now On


Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by


Subscribe to
The Student Accountant newsletter

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you The Student Accountant.

Share

FIFO METHOD Formula

WHAT IS A COMPUTERISED FORMULAE FOR FIFO METHOD WHEN CALCULATING THE VALUE OF THE CLOSING INVENTORY?

Comments for FIFO METHOD Formula

Click here to add your own comments

layout format
by: Anonymous

i am very much worried about the layout formats of these stock valuation methods because what i just saw is that they look almost the same, so if you can further distinguish format for the three please

FIFO method
by: Shivam Shrivastava

It is very simple....
calculate total [(purchases+opening stock in quantity) - total issue in quantity]* Rate of last purchases.

Example:-
01-01-2014 OPENING STOCK 250 UNITS each.
05-01-2014 Purchase--500 units each.
07-01-2014 Issued 300 units
10-01-2014 Purchase 600 units each
15-01-2014 Issued 1000 units.

VALUE OF CLOSING STOCK--:
Total purchase + opening stock = 1350 Units
Total Issued = 1300 Units

So, REMAINING UNITS= 50 Units

value of remaining units
50 * Rate of last purchase
= 50 * 18
= 900

Click here to add your own comments

Return to Ask a Question About This Lesson!.






Enjoying this Website?
Help Support it with a Donation

OR...





Advertise on ventoup.ru



Related pages


how to calculate fifo and lifostock valuation for dummiesmeaning of commerce in hindiincome statement p&lkhan academy accounting basicsdifference between perpetual inventory and periodic inventorywork out vat on calculatorposting to ledgerfoundation accounting tutorialcreditors vs debtorsexample of general ledger accountsrestaurant profit and loss statement templatehow to calculate fifobookkeeping entries examplesbooks on manufacturingdebit meaning in accountingdouble column cash book questionsequity accounting entriesbad debt expense definitionpreparing journal entries examplesaccounts receivable for dummiesnotes payable debit or creditaccounting technician practice testaccounting concepts with examplesaccounting journalizing examplesclosing entries in accountingcalculate vat in exceljournal entries for fixed assets accountingcrsalesexamples of general ledger entriescontra account to accounts receivableaccumulated losses in balance sheetp&l vs balance sheetformat of balance sheet of banking companieswhat is accrued rentvat calculator in south africasynonym ownerscrapping for goldbad debts entriesformula to calculate markupdefine expansesdebts and creditscheque sampleabbreviate accountingthe basic accounting equationjournal entries for vatcalculate total liabilitieshow to prepare debtors aging analysisgross profit method of inventorytrial balance definition in accounting2nd puc accountancy textbook pdffifo methodeasy aptitude questions and answerscost of goods manufactured formula accountingsalaries payable journal entryledger meaning in accountingexample of accrualsaccounting basics for students pdfacquisition accounting journal entriesdebit and credit in balance sheetdifference between general ledger and trial balancebad debts entrieshow to calculate vat south africacash flow statement basicsowners equity equationaccounting wipmarkup formulaexamples of double entry journalsp&l defineaccounting for dummies ebookbad debt provision double entryfifo exerciseprepare t accounts for manufacturing overhead and work in processfifo method of inventory valuation