Trade Cars Ltd had opening inventory in February of 150 car wheels that cost £77.00 each. During February, the garage made the following purchases:

Requie:
1. Calculate the closing inventory and cost of goods sold amounts under the WAC, FIFO, and LIFO inventory valuation methods.
2. Discuss why cost of goods sold is highest under LIFO. Be specific.

Transcribed Image Text:

Feb. 2122 14 19 27 222 @ 79.50 95 @ 82.00 84.00 210 @ 248@87.00