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ABBA uses the perpetual inventory system. The following transactions took place in January 2017. Unit Cost During January, the company sold 3,200 units. Assume all
ABBA uses the perpetual inventory system. The following transactions took place in January 2017. Unit Cost During January, the company sold 3,200 units. Assume all sales are made on account. Required: 1. Calculate the ending inventory under the three-cost flow assumption: a) FIFO, b) LIFO, and c) weighted average. 2. Assume ABBA uses the FIFO, LIFO and the weighted average inventory cost flow assumption. a. Show calculations for cost of goods sold under each inventory methods
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