To calculate FIFO (First-In, First Out) determine the cost of your oldest inventory and multiply that cost by the amount of inventory sold, whereas to calculate LIFO (Last-in, First-Out) determine the cost of your most recent inventory and multiply it by the amount of inventory sold.
How do you make a FIFO table?
https://www.youtube.com/watch?v=ZmuuAzSAK5Y
What is FIFO method with example?
For example, if 100 items were purchased for $10 and 100 more items were purchased next for $15, FIFO would assign the cost of the first item resold of $10. After 100 items were sold, the new cost of the item would become $15, regardless of any additional inventory purchases made.
How do you calculate the total stock in Excel?
Calculate each stock multiplying the quantity and price/stock and taking the sum for different stocks. SUMPRODUCT gives you the total bought price and current price for the bought stocks.
How do you do FIFO step by step?
https://www.youtube.com/watch?v=dSE7xRX3s6k
How do you calculate FIFO ending inventory?
According to the FIFO method, the first units are sold first, and the calculation uses the newest units. So, the ending inventory would be 1,500 x 10 = 15,000, since $10 was the cost of the newest units purchased. The ending inventory for Harod's company would be $15,000.