Question
.FIFOandLIFOperiodic inventorymethods. TheRockShopshows thefollowingdatarelatedtoanitemofinventory:Inventory, J..s@$5.00 Purchase,January9300units@$..s@$6.00 Inventory, January31100units Instructions (a)Whatvalueshouldbeassigned totheendinginventory usingFIFO? (b)Whatvalueshould beassigned tocostofgoodssoldusingLIFO?
.FIFOandLIFOperiodic inventorymethods.
TheRockShopshows thefollowingdatarelatedtoanitemofinventory:Inventory, J..s@$5.00
Purchase,January9300units@$..s@$6.00
Inventory, January31100units
Instructions
(a)Whatvalueshouldbeassigned totheendinginventory usingFIFO?
(b)Whatvalueshould beassigned tocostofgoodssoldusingLIFO?
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College Accounting
Authors: James A Heintz, Robert W Parry
20th Edition
538745215, 978-1111624743
