For each inventory method, FIFO and LIFO, calculate Cost of Goods Sold and Ending Inventory using the following information: On March 20, the company purchased
For each inventory method, FIFO and LIFO, calculate Cost of Goods Sold and Ending Inventory using the following information:
On March 20, the company purchased 10 units at $842 per unit.
On April 1, the company purchased 10 units at $910 per unit.
On April 3, the company purchased 25 units at $1,060 per unit.
On April 17, the company purchased 30 units at $1,150 per unit.
On April 28, the company purchased 30 units at $1,190 per unit.
On March 25, the company sold 10 units at $954 each.
On April 14, the company sold 30 units at $1,300 per unit.
On April 31, the company sold 53 units at $1,500 per unit.
Please explain all calculations and show work.
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