Question
Calculate ending inventory and COGS using FIFO and LIFO methods for ABC Inc. On April 1, 2022 the balance in inventory is 220 units @
Calculate ending inventory and COGS using FIFO and LIFO methods for ABC Inc.
On April 1, 2022 the balance in inventory is 220 units @ $50 each
April 5, 2022 purchased 100 units @ $60 each
Purchased 50 units @ $45 each on April 10, 2022
Sold 300 units @ $80 each on April 16, 2022
Sold 20 units @ $95 each on April 25, 2022
Purchased 200 units @ $40 each on April 30, 2022
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Financial Accounting For Management
Authors: Paresh Shah
2nd Edition
0198077033, 978-0198077039
