EFFECTS OF FIFO AND LIFO. Roberts Sales began operations on January 1, 19x1. Purchases and sales of
Question:
EFFECTS OF FIFO AND LIFO. Roberts Sales began operations on January 1, 19x1. Purchases and sales of its single product during its first 3 years of operation were as follows:
REQUIRED:
1. Prepare a schedule showing the amounts of ending inventory and cost of goods sold for each of the 3 years, using FIFO and LIFO and assuming that Roberts uses a periodic inventory accounting system.
2. On the basis of your schedule, what can you conclude about the effects of FIFO and LIFO on the cost of ending inventory and the amount of net income?
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Valjeanne Jeffers-Thompson
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