https://liveucc-my.sharepoint.com/:x:/r/personal/andrew_lomnicki_owl_ucc_edu/_layouts/15/Doc.aspx?sourcedoc=%7B830DABAA-A...

LIFO
        CALCULATION OF COST ASSIGNED TO CLOSING INVENTORY USING LIFO
        DATE    PARTICULARS    OPENING INVENTORY            PURCHASE            SALE
(COST OF GOODS SOLD)            CLOSING INVENTORY
                UNIT    COST P.U.    AMOUNT ($)    UNIT    COST P.U.    AMOUNT ($)    UNIT    COST P.U.    AMOUNT ($)    UNIT    COST P.U.    AMOUNT ($)
            Opening For The Day    200    10    2000
            Closing for the day                                        200    10    2000
        10-Jan    Opening for the Day    200    10    2000
            Sales                            150    10    1500
            Units sold from opening inventory
            Closing for the day                                        50    10    500
        14-Mar    Opening for the Day    50    10    500
            Purchase                350    15    5250
            First Purchase made
            Closing for the day                                        50    10    500
                                                    350    15    5250
                                                    400    25    5750
        15-Mar    Opening for the day    50.00    10.00    500.00
                350.00    15.00    5250.00
                400.00        5750.00
            Sales                            300    15    4500
             units sold from form first purchase made
            Closing for the day                                         50.00    10    500
                                                    50.00    15    750
                                                    100.00        1250.00
        30-Jul    Opening for the day    50.00    10.00    500.00
                50.00    15.00    750.00
                100.00        1250.00
            Purchase                450    20    9000
            Second Purchase Made
            Closing for the day                                         50.00    10    500
                                                    50.00    15    750
                                                    450.00    20    9000
                                                    550.00        10250.00
        5-Oct    Opening for the day    50.00    10.00    500.00
                50.00    15.00    750.00
                450.00    20.00    9000.00
                550.00        10250.00
            Sales                            430    20    8600
            Units sold from Second Purchase made
            Closing for the day                                         50.00    10.00    500.00
                                                    50.00    15.00    750.00
                                                    20.00    20    400
                                                    120.00        1650.00
        26-Oct    Opening for the day    50.00    10.00    500.00
                50.00    15.00    750.00
                20.00    20.00    400.00
                120.00        1650.00
            Purchase                100    25    2500
            Third Purchase made
            Closing for the day    ...