Guys, i’m having trouble working out how they obtained the toal of $53 675 when they converted the FIFO COGS to LIFO?
I believe i’ve found it, however don’t have the figures with me: COGS (LIFO) = COGS (FIFO) + [beginning inventory (FIFO) * (adjustment or inflation rate)]
Guys, i’m still having problems with working out Reading 35 Question 4) C ii They worked out COGS LIFO to be 53 675 from the the COGS FIFO of 52 000. Do you use the formula COGSL=COGSF+(BIxRate) ? And where did they get the rate from? (Workings Please) Thanks a Mil
please search using Zenab, you will find earlier postings closer to the June exam, which have the entire problem worked out. I believe the original posting for this came from gdiddy and someone had solved it then. CP
Thanks CPK123, however the part covered is not the part that i’m having difficulties with. I’m having trouble with coverting the COGS F to COGS L and how they obtained the rate, for conversion?
http://www.analystforum.com/phorums/read.php?11,626318,626479#msg-626479 This has the most complete explanation for this problem. CP
Aah, perfect cheers mate!!