Inventory cost and effects calculations

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:

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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.

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