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FIFO inventory's COGS and values
1.We are using the FIFO for cost method, but recently discovered the following issue:
3/1: Purchased 6 units at a unit price of 8
3/15: Purchased 20 units at a unit price of 20
3/19: Sold 1 unit
3/21: Sold 10 units
According to FIFO, the COGS for 3/19 should be 8, and for 3/21 it should be 140 (5*8 + 5*20). However, the system shows an average cost of 17.23, and the ending inventory balance on 3/31 is also shown as 258.45 (15*17.23), but it should correctly be 300 (15*20).
2.Based on the above situation, it appears that our every inventory's COGS and values for previous months are also incorrect. How can we correct the COGS and inventory values for specific periods?
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