Question
Calculate the cost of goods sold and ending inventory using both FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) methods. Given the following inventory transactions for
Calculate the cost of goods sold and ending inventory using both FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) methods. Given the following inventory transactions for the month of January:
- January 1: Beginning inventory - 100 units at $10 each
- January 10: Purchase - 200 units at $12 each
- January 20: Purchase - 150 units at $15 each
- January 25: Sale - 300 units
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
12th edition
132552620, 978-0132552622
