Question
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $enter the ending inventory amount as per FIFO in dollars | $enter the ending inventory amount as per LIFO in dollars | $enter the ending inventory amount as per Average-cost in dollars | |||
The cost of goods sold | $enter the cost of goods sold amount as per FIFO in dollars | $enter the cost of goods sold amount as per LIFO in dollars | $enter the cost of goods sold amount as per Average-cost in dollars |
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