Google Answers: Accounting Method

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Q: Accounting Method ( No Answer, 5 Comments )

Question

Subject: Accounting Method
Category: Business and Money > Accounting
Asked by: sappy2002-ga
List Price: $20.00

Posted: 09 Jan 2006 12:47 PST
Expires: 08 Feb 2006 12:47 PST
Question ID: 431213

I need to understanding the methodology behind the dollar value LIFO
calculation? More specifically the IPIC LIFO calc?  Is there a book
and or website I can go to which detail this out in a very
comprehensible manner?

Answer

There is no answer at this time.

Comments

Subject: Re: Accounting Method
From: dknumberone-ga on 18 Jan 2006 15:00 PST

How about any college accounting textbook covering financial
accounting or cost accounting?

Subject: Re: Accounting Method
From: dknumberone-ga on 18 Jan 2006 15:04 PST

Keiso & Weygandt Intermediate Accounting is a pretty good book...I
used it in college and still retain and refer to it sometimes.

Subject: Re: Accounting Method
From: burleson-ga on 06 Feb 2006 16:02 PST

Look at books by Wiley

Subject: Re: Accounting Method
From: sappy2002-ga on 04 May 2006 08:53 PDT

Thanks

Subject: Re: Accounting Method
From: maheenkazmi-ga on 08 May 2006 10:58 PDT

book I am using is by Albrecht, Stice, Stice, Swain

PROBLEM  8-6
Periodic Inventory Cost Flow Method:

Cost of goods available for sale:
Opening Bal (4250 cases @ $9.50)                      40375
Purchases:
1350 cases @ $10                                                  13500  
980 cases @ $10.50                                                10290
1830 cases @ 11.00                                                20130
8410                                                                        64050

1.	FIFO

COST OF GOODS SOLD:
920 cases @ $ 9.5                                    = $8740
1320 cases @ $9.5                                   =$12540
2010 cases @ $ 9.5                                  =$19095
40    cases @ $ 10                                    =   $400
                                                                  $40775
Cost of goods available for sale           64050
Less: Cost Of Goods Sold                    40775
Ending Inventory                              $  23275

2.	LIFO

COST OF GOODS SOLD:
920 cases @ $11                                         = $10120
910 cases @ $11                                         =$10010
410 cases @ $10.5                                     = $4305
570 cases @ $10.5                                     = $5985
1350 cases @ $10                                      =$13500
130 cases @ $9.5                                       = $1235
                                                                     $45155

Cost of goods available for sale           64050
Less: Cost of Goods Sold                    45155
Ending Inventory                              $  18895

3.	AVERAGE COST

Cost of goods available for sale         =  Average cost per unit
 Total units available

64050/ 8410 = $7.6

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