Hi Everyone, could you please help me figure out how to convert the COGS from FIFO to LIFO in this problem. The answer shows $61,943 for Zenab and $53,675 for Faybech. I understand the concept of using the inflation formula to adjust the FIFO COGS, but could not get the numbers to match those in the answer, which does not give any detail of the calculation. Thank you so much for your help!
easiest search in the posts for gdiddy. and you shall find a link to the solution for this problem. (many times over) http://www.analystforum.com/phorums/read.php?11,626318,626475 http://www.analystforum.com/phorums/read.php?11,660479,660985#msg-660985 added the links bcos I found them. CP
Thanks so much for your help, CP! Good luck with your studying.