I am confused as to what happened to the $20.00 per unit. in LIFO, It states that 70 units were sold for $20. Was that number just a trick in the question? I am so stuck on my homework.
The $20 is the selling price of these goods. When working with FIFO, LIFO and Average Cost, we don't care about the selling price. We're focused on the "cost" of the good, which is the amount that we purchased them for from suppliers.
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Happy to help!
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Glad it helped! Good luck on the exam!
I am confused as to what happened to the $20.00 per unit. in LIFO, It states that 70 units were sold for $20. Was that number just a trick in the question? I am so stuck on my homework.
The $20 is the selling price of these goods. When working with FIFO, LIFO and Average Cost, we don't care about the selling price. We're focused on the "cost" of the good, which is the amount that we purchased them for from suppliers.
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very helpful! thank youuu
is it the same if it gets discounted?
Thank you sir