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Fifo Lifo calculator

Enter units, their costs, and total units sold. Choose a method from the FIFO LIFO calculator and click calculate.

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Fifo Lifo Calculator 

FIFO LIFO calculator is an online finance tool that finds the value of COGs and ending inventory on the average cost method. This calculator gives a detailed table which contains:

  • Remaining units
  • Units sold
  • Ending inventory value
  • CoG sold

What are FIFO and LIFO?

Both of these are financial terms used in inventory management. FIFO means “First-in-first-out” and LIFO means “last-in-first-out”. Companies use these methods to sell their goods.

When a company opts for FIFO, it first sells the product purchased first. But a company which chose LIFO will sell its new items first.

Ending Inventory:

It is the total price of products in stock after a certain auditing time. 

How to calculate FIFO and LIFO?

Example:

Calculate the COGs of 15 units through the LIFO method for a company whose inventory data for the last three months is as follows.
 

  Month Units sold Price per unit
1 January 3 17$
2 February 10 19$
3 March 6 18$

Step 1: Start counting 15 units from the march and go upwards. 

Solution:

The first six units are from March.

The next nine units are from February.

Step 2: Multiply the units by their respective price.

March = 6 x 18$ =108$ 

February = 9 x 19$ = 171$

Step 3: Add this amount.

=171$ + 108$

= 279$