Question
Forgive enterprise stock records show the following transactions for a specific item during last month: The inventory at the beginning of the month was 100
Forgive enterprise stock records show the following transactions for a specific item during last month: The inventory at the beginning of the month was 100 units values at GHC40000. During the month, it received 250 units into the warehouse and issued 150 units into production valued at GHC63000. Which of the following statement is correct regarding the cost of goods sold?
A. The cost of goods sold under LIFO is GHC2000 more than FIFO and GHC9857 more than weighted average
B. The cost of goods sold under FIFO is GHC2000 less than LIFO but GHC9857 more than weighted average
C. The cost of goods sold under weighted average is GHC2000 less than LIFO and GHC9857 more than FIFO
D. The cost of goods sold under FIFO is GHC2000 more than LIFO and GHC9857 less than weighted average
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