Question
Beginning inventory 600 units @ $ 10
Purchases ( in order
from first to last) 1,000 units @ $11
900 units @ $ 12
700 units @ $ 14
Sales for the period were 1,900 units
A) Compute the inventory balance and the cost of goods sold at the end of the accounting period using average cost, FIFO, and LIFO.
B) which method shows the highest ending inventory?
C) which method shows the highest cost of goods sold?
Purchases ( in order
from first to last) 1,000 units @ $11
900 units @ $ 12
700 units @ $ 14
Sales for the period were 1,900 units
A) Compute the inventory balance and the cost of goods sold at the end of the accounting period using average cost, FIFO, and LIFO.
B) which method shows the highest ending inventory?
C) which method shows the highest cost of goods sold?