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.
This calculator has 1 input.
What 3 formulas are used for the Inventory Method Calculator?
Units in Ending Inventory = Units available for sale - Units Sold
Ending Inventory (LIFO) = Units in Ending Inventory * Last Cost Entry
Ending Inventory (FIFO) = Units in Ending Inventory * First Cost Entry
Ending Inventory (LIFO) = Units in Ending Inventory * Last Cost Entry
Ending Inventory (FIFO) = Units in Ending Inventory * First Cost Entry
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What 4 concepts are covered in the Inventory Method Calculator?
- FIFO
- First In, First Out is an accounting method in which assets purchased or acquired first are disposed of first
- LIFO
- Last In, Last Out is an accounting method in which assets purchased or acquired lasst are disposed of first
- cost
- an amount that has to be paid or spent to buy or obtain something
- inventory
- a complete list of items such as property, goods in stock, or the contents of a building