USING LIFO, FIFO, AND AVERAGE COST METHOD.

USING LIFO, FIFO, AND AVERAGE COST METHOD.

I want to calculate the cost of my inventory using LIFO, FIFO,& average cost method. The inventory is a hydrocarbon which is stored in a tank at a certain rate. Some times the inventory is chnaging durin the tank filling, and other time the tank is full with the inventory. The inventory is a comibned of two prodcuts, and one of which is very minimal, and most of the tank is filled with other product.
For example, propane and ethane are filled in the tank. Ethane is very minimal, while most of the tank is propane. Given that the prices of the two products are known and fixed for one month, how can i calculate the cost of propane and ethane.

USING LIFO, FIFO, AND AVERAGE COST METHOD.

I’m not giving a numbers for both the tank inventory, and the proces, because i’m allowed to use any numbers, so it is left for you to give the numbers as an assumption withoout affecing the essence of the question. Also, i need some artilces ” two max” that talk about using this inventory valuation in such application with the a brief summary.

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