Question
Celtic Company reported these January purchases and sales for its basketball RFID labelling product: Date Activities Units Purch @ Cost Units Sold @ Retail 1-Jan
Celtic Company reported these January purchases and sales for its basketball RFID labelling product: Date Activities Units Purch @ Cost Units Sold @ Retail 1-Jan Beginning INV 240 units @ $4.50 $1,080 10-Jan Sales 200 units @ $15.00 20-Jan Purchase 120 units @ $6.50 $780 25-Jan Sales 150 units @ $15.00 30-Jan Purchase 360 units @ $7.00 $2,520 TOTALS 720 units $4,380 350 units What are Celtic Companys ending costs assigned to both Cost of Goods Sold (CGS) and Ending Inventory (INV) at month end closing January 31st using: a) FIFO? and using b) LIFO?
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