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LIFO Valuation in Excel

Posted on 2009-05-18
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Last Modified: 2012-05-07
Hi everyboydy, I found in this amazing web page a solution from Rory to value inventories using FIFO method. I´m having a hard time trying to adapt it to LIFO. Any one can help me?
I´m attaching the original spreadsheet for the FIFO valuation.
Thank you!
FIFO-test-with-chrono.xls
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Question by:MarioTorres
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LVL 4

Expert Comment

by:BobP
ID: 24413683
I think it already caters for LIFO.

Put =B2*c2 in F2 and then in F3 add

=FIFO(B$2:B3,C$2:C3,D$2:D3,E3,TRUE)

and copy down
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Author Comment

by:MarioTorres
ID: 24413977
Thank you BobP, but it doesnt solve the problem....
I have the following data:
datePurchased      Price       Sold        Start Inventory      FIFO      LIFO
26/08/2002      5      2      0      0      10      10
27/08/2002      10      3      0            40      40
28/08/2002      0      0      12            9      6
30/08/2002      15      4      0            69      66
31/08/2002      0      0      8            40      34

But your solution doesnt give me the right LIFO...
Than you for your interest!!  Im still trying to get it right...
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LVL 4

Expert Comment

by:BobP
ID: 24414506
You seem to be missing the quantiuty in there. Can you post the workbook with these new numbers?
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Author Comment

by:MarioTorres
ID: 24414726
Thank you very much for your help BobP.! Im attaching the file with the numbers and the LIFO column which I want to get to.

Best!
FIFO-test-with-chrono.xls
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Author Comment

by:MarioTorres
ID: 24414767
Sorry BobP, I made a mistake with the ranges in the formula. This is the right one!

FIFO-test-with-chrono.xls
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LVL 4

Accepted Solution

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BobP earned 1000 total points
ID: 24420078
I fail to understand where you get your predicted values of 10, 40, 6, 66, 34. According to my workings, they should be 10, 40, 9, 69,40, and that is exactly what this formnula gives as well

=FIFO(B$2:B3,C$2:C3,D$2:D3,$E$2,TRUE)
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