FIFO,LIFO and AVCO

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jewels.p
jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
in AAT Level 3 (Level 6 in Scotland)
I have a Short Test to complete and one of the questions asks me to calculate Closing Stock Figures using FIFO,LIFO and AVCO my three figures are FIFO - £13610
LIFO -£13430
AVCO - £14336

The AVCO figure is quite a bit amount more than the other two should it be nearer than this?

Thanks

Julie:001_smile:

Comments

  • Ell1e
    Ell1e Registered Posts: 26 Regular contributor ⭐
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    AVCO should be in the middle of the LIFO and FIFO Figures if that helps.
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    Ell1e wrote: »
    AVCO should be in the middle of the LIFO and FIFO Figures if that helps.

    It did and I have now found out where I went wrong!:thumbup1:

    Thanks for that

    Julie:001_smile:
  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034 mod
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    Any stock valuation questions?

    If you would like any help on stock valuation, please look at the blog and add your comments and questions.
    There are currently two blogs I have put there
    Blog 1 Stock FIFO
    and Blog 2 Stock LIFO AVCO
    there will be question there soon, when the third blog is posted.
    I am hopeful that the blog could become a lively area for discussing the topics (such as AVCO FIFO etc) that are started there.
    Sandy
    sandy@sandyhood.com
    www.sandyhood.com

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