Inventory Method Calculator
Time | Purchase or Sale | Units | Cost | Total = Cost x Units |
---|---|---|---|---|
1 | P | 60 | 15 | $900.00 |
2 | P | 140 | 15.50 | $2,170.00 |
3 | S | 190 | 19 | $3,610.00 |
4 | P | 70 | 16 | $1,120.00 |
5 | S | 30 | 19.50 | $585.00 |
Calculate Unit Items:
Units available for sale = 60 + 140 + 70 = 270Units sold = 190 + 30 = 220
Units in Ending Inventory = 270 - 220 = 50
Calculate Ending Inventory (last Cost Entry):
Ending Inventory = 50 units x $16.00 cost = $800.00
How does the Inventory Method Calculator work?
Free Inventory Method Calculator - Takes accounting entries using the FIFO (first in first out) and LIFO (last in first out) inventory methods.
This calculator has 1 input.
What 3 formulas are used for the Inventory Method Calculator?
Units in Ending Inventory = Units available for sale - Units SoldEnding Inventory (LIFO) = Units in Ending Inventory * Last Cost Entry
Ending Inventory (FIFO) = Units in Ending Inventory * First Cost Entry
For more math formulas, check out our Formula Dossier
What 4 concepts are covered in the Inventory Method Calculator?
FIFOFirst In, First Out is an accounting method in which assets purchased or acquired first are disposed of firstLIFOLast In, Last Out is an accounting method in which assets purchased or acquired lasst are disposed of firstcostan amount that has to be paid or spent to buy or obtain somethinginventorya complete list of items such as property, goods in stock, or the contents of a buildingTags:
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Valentine Belue
Update: 2024-06-02