Anyone Understand the FIFO method of Accounting?

Ok so I am in my first year of accounting and I have a question…we are doing a FIFO, LIFO, and a Weighted Average sample problem and I have the formula but on the FIFO inventory sheet can there be a negative inventory? I put in the beginning inventory….here it is…maybe someone could help me with what I am doing wrong…

Jan. 1 Beg. Inventory 120 units @ $6.00 = $720

Jan. 10 Sales 70 units @ $15

Mar. 7 Purchase 200 units @ $5.50 = $1,100

Mar. 15 Sales 125 units @ $15

July 28 Purchase 500 units @ $5.00 = $2,500

Oct. 3 Purchase 375 units @ $4.40 = $1,650

Oct. 5 Sales 600 units @ $15

Dec. 19 Purchase 100 units @ $4.10 = $410

Totals: 1,295 units Acquired at Cost

$6,380 under units Acquired at Cost

795 Units Sold at Retail….

I have started this and have it mostly filled out….I can email if you want…

Anyone Understand the FIFO method of Accounting?

Anyone Understand the FIFO method of Accounting?

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