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Thread: Please Help

  1. #1
    :) Stephweet :) stephofthenight's Avatar
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    Please Help

    So there realy isnt a section here to put is, so general chat works.

    I messed up my last test grade in Accounting (my major) and our professor let us take this one home. So I have some questions. just to be clear I do NOT want an answer, would do me no good since I have to set up the excel spreadsheet regardless. I simply forgot how to do a few problems, so if there are any accountants out there who will pity me enough to tell me the formula I am missing I'll appreciate it a lot.

    The following data regarding purchases and sales of a commodity were taken from the information for MArt Wal Co.

    May 1 Balance 25 units at $40
    6 Sale 20 units
    8 Purchase 20 units at $41
    16 Sale 10 units
    20 purchase 20 units at $42
    23 Sale 25 units
    30 purchase 15 units at $43

    a. Calculate the COMS and MIending for fifo, avg, and lifo using PERIODIC inventory
    b. Calculate the FIFO for perpetual inventory


    I know how to calculate FIFO, AVG, and LIFO

    I don't know how to do Periodoic vs Perpetual. or where to start on the COMS or MIending.

    Thanks, and sorry If this is not the right place for this! Kind of a last shot deal, since I couldnt find it on Google.

    "Be careful of quotes you find on the internet, they may not always be true" -Abraham Lincon-

  2. #2
    Registered User
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    I had a few accounting courses at college, back then when I was a brat, but I already forgot most of it. However, I found something you might have an use for. I sent it to your rocket mail hoping it's not too late or too useless. I wish I could have helped more.

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