Fifo lifo advco

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
hello my names Lisa and im studying Accounting level 3 intermediate.the thing im struggling with the most is LIFO FIFO AND ADVCO i understand what its about its just putting it on paper which confuses me can someone help me and send me like detaile dnotes or an example of the table PLEASE I need this so much cos i have my exam next month am dreadin it cos of this..and i dont wanna fail my exam.help me anyone whos smart enough 2 understand the concept.my teacher does explain it in class but not very well and detailed he makes me even more confused than i already am lol :?: :? .anyway whoever helps me im really grateful.lisa xx :D send me any examples to little_miss_s21@hotmail.com thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Fifo lifo advco

    Has anyone sent you anything? I don't have anything I can send you, ive just been working from the books, so have no notes of my own. If no-one helps you out, I can always add you if you've got msn and we can discuss it there? If that would help?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Fifo lifo advco

    thanks alot..nah noone has sent me anything yet!!ill let u know if any1 sends me anything if no1 does soon then i can add u on msn or summin.yeah??lisa xx
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Fifo lifo advco

    These are 3 methods of valuing stock.

    A company buys stock but when it issues stock from the stores there may be several different purchases prices for the stock being held. So the firm will make a policy decision to
      Issue using the oldest prices they have in stock first and then the next oldest and so on (FIFO)
      Issue using the average price of all the stock held at that time (AVCO)
      Issue using the most recent price paid working back in time if more stock is needed (LIFO)

    If you type
    Plain stock card
    into the subject line and email me I have put a spreadsheet together with
      a plain stock card you can try to use to see how the issue costs will vary under each method of valuation
      I've also done a FIFO stock card using that data on the second sheet in the file
      I've also done a AVCO stock card using that data on the third sheet in the file
      I've also done a LIFO stock card using that data on the fourth sheet in the file

    sandy.hood@chichester.ac.uk

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