Enter units, their costs, and total units sold. Choose a method from the FIFO LIFO calculator and click calculate.
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:
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.
It is the total price of products in stock after a certain auditing time.
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|
Step 1: Start counting 15 units from the march and go upwards.
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$