Asked by Ann
In its first month of operation, Kuhlman Company purchased 130 units of inventory for $6, then 230 units for $7, and finally 170 units for $8. At the end of the month, 200 units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Answers
Answered by
Akhileshwar
under the fifo method
Unit sold 130*6+200*7= 2180
130 UNIT AT 6
200 UNIT AT 7
Unit sold 130*6+200*7= 2180
130 UNIT AT 6
200 UNIT AT 7
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