If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO

method?$[$The following information applies to the questions displayed below.$]$

Suppose that David has elected to account for inventories and has adopted the last$-$in$,$ first$-$out $($LIFO$)$ inventory$-$flow

method for his business inventory of widgets $($purchase prices below$).$

In late December, David sold one widget, and next year David expects to purchase three more widgets at the following

estimated prices:

Problem $9-66$ Part$-$c $($Static$)$

Required:

c$-1.$ What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year?

c$-2.$ If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO

method?

Complete this question by entering your answers in the tabs below.

What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year?