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In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 200 units at $7, (2) 300
In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 200 units at $7, (2) 300 units at $9, and (3) 400 units at $10. Assuming there are 100 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Carla Vista uses a periodic inventory system.
FIFO | LIFO | |||
---|---|---|---|---|
Ending inventory | $
| $
|
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