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adams_babymomma |
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Wednesday, March 1, 2006 at 2:27 PM i need help with my accounting hw. Can you please explain to me what a FIFO, and a LIFO is. Also if you had this problem.. $3000 on credit, if paid by 1/10, n/50....how much discount would you receive?
—adams_babymomma |
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bguirk |
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Wednesday, March 1, 2006 at 2:54 PM I'm not an accountant, but I used to build softwrare for some. FIFO and LIFO are sort of supply-chain management tools/inventory valuation methods. FIFO= First in First out means you value your inventory as the first items you get in are the first you have sold. LIFO= Last In First Out means you value your inventory as the newest inventory items are the first you have sold/are going to sell. Google cold probably give you some better answers. I don't quite get your second question. —bguirk |
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miyagi-sama |
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Wednesday, March 1, 2006 at 3:47 PM LIFO and FIFO usually deal with the inventory you already have. If comes into play when calculating your businesses yearly inventory tax. The second part is how your vendors will arrange your payments when you buy inventory from them. —miyagi-sama |
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adams_babymomma |
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Wednesday, March 1, 2006 at 6:11 PM thanks....im really starting to hate accounting, plus the fact that if you make a little mistake on a income statement you can be sued...I dont like the IRS...and there's no way i am going for an accounting degree, i'll be the first one locked up. —adams_babymomma |
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bguirk |
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Thursday, March 2, 2006 at 10:18 AM "Nice side-boob." —bguirk |
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lisa999 |
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Thursday, March 2, 2006 at 11:43 AM $30.00 discount if paid within 10 days, I think, with the net amount due in 50 days. —lisa999 |
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adams_babymomma |
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Friday, March 3, 2006 at 1:23 PM
Edited Friday, March 3, 2006 at 1:24 PM how would i write a specific indenification, weighted average perpertaul, FIFo and LIFO based on this:
units sold at retail
Jan1 beginning inventory 120 units @ $6.00= $ 720 jan10 sales 70 units @$15 mar7 purchases 200 units @ $5.50 = 1,100 mar15 sales 125 units @ $15 july 28 purchase 500 units @ $ 5.00 = 2500
OCT 3 purchase 375 units @$4.40 = 1650
oct 5 sales 600 units @ $ 15 dec 19 purchase 100 units @ $4. 10 = 410 totals 1295 units $6380 795 units —adams_babymomma |
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lisa999 |
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Saturday, March 4, 2006 at 12:50 PM
Edited Saturday, March 4, 2006 at 12:51 PM ^OMG, I'm sorry, you totally lost me there. I haven't even reached that stage yet. I just finished studying trade discounts, and just moved into mortgages. Sorry! (I got the discount on your previous problem by multiplying 3,000 by 1%) —lisa999 |
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Xophonic |
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Sunday, March 5, 2006 at 4:13 AM
Edited Sunday, March 5, 2006 at 4:14 AM "Is there an ichthyologist in the house?!?!"
No but I can broil a mean Halibut. Who knew such a wealth of accounting knowledge existed on the loveline companion. This is the last place I would think to ask ask accounting questions. But perhaps I will from now on do my accounting here and call my accountant to have discussions about loveline. —Xophonic |
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