Question
I am trying to solve the following problem and need assistance including step by step instructions The inventory records of Knuffel Co reflected the following
I am trying to solve the following problem and need assistance including step by step instructions
The inventory records of Knuffel Co reflected the following information for the year ended December 31, 2019
Date Transaction # of Units Unit Cost Total Cost
1/1 Beginning Inventory 150 $26 $3900
1/24 Purchase 70 34 2380
2/22 Sale (100) - -
3/7 Purchase 90 39 3510
4/10 Purchase 140 37 5180
6/11 Sale (100) - -
9/28 Purchase 50 36 1800
12/4 Sale (100) - -
Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
What is the COGS and Ending Inventory for 2019 and 2020 for FIFO and LIFO
I also need to solve for the following
Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
What is the COGS and Ending Inventory for 2019 and 2020 for FIFO and LIFO
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