Inventory cost and effects calculations
You work for a large local company as the inventory manager. The company uses FIFO in accounting for inventory. In June, the company began to stock a new product, Painto. The June inventory record for Painto was:
1 Calculate, using FIFO:
a the cost of the 30 June inventory of Painto
b the COGS for Painto for June.
2 Calculate, using LIFO (either perpetual or periodic):
a the cost of the 30 June inventory of Painto
b the COGS for Painto for June.
