Shaun on "how to get profit as per fifo method?"

Hi mahaveer

Looking at your spreadsheet, should your profit not be $2,050.00? Perhaps I have missed something also Hui?

Sales:
22/04/2012 20 @ $350 = $7,000

Cost of product:
01/04/2012 10 @ $250 = $2,500
20/04/2012 10 @ $300 = $3,000
------
Profit for transaction $1,500

Sales:
27/04/2012 15 @ $250 = $3,750

Cost of product:
20/04/2012 2 @ $300 = $ 600
25/04/2012 13 @ $200 = $2,600
------
Profit for transaction $ 550

Therefore $1,500 + $550 = $2,050

Unfortunately, I do not possess the Excel awesomeness required to solve this problem. I have often tried to solve a similar problem in relation to trust distributions/ taxable income/ tax payable efficiency.

So I will be very interested in any solution that maybe offered

Cheers

Shaun