FIFO and LIFO Inventory Costing Jefferson’s Jewelry Store is computing its inventory and cost of goods sold for November 2009. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the order listed):

During the month, the following rings were purchased: four type A rings at $600, two type B rings at $450, and five type C rings at $300. Also during the month, these sales were made:

Jefferson’s uses the periodic inventory method. Calculate the cost of goods sold and ending inventory balances for November using FIFO and LIFO.

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Ring A Ring A Ring B Ring B Ring B Ring C Ring C. Quantity Cost $600 Total $ 4,800 10 650 6,500 300 1,500 350 2,100 450 1,350 200 1,400 250 2,000 $19,650 8056378