Inventory Costing System + Cost Flow Assumption Purchases Sales January 10 - Sold 250 units January 20 - Sold 200 units Compute Ending Inventory and Costs of Goods Sold for: 1) FIFO Periodic 2) LIFO Periodic 3) FIFO Perpetual 4) LIFO Perpetual Practice Compute COGs and Ending Inventory for: 1) FIFO Perpetual 2) LIFO Periodic 3) FIFO Periodic 4) LIFO Perpetual Difference in methods: In times of rising prices, does FIFO or LIFO result in higher Costs of Goods sold and ending inventory? Inventory Turnover - COGS / Average Inventory Is higher inventory turnover always better? Inventory Costing System + Cost Flow Assumption Purchases Sales January 10 - Sold 250 units January 20 - Sold 200 units Compute Ending Inventory and Costs of Goods Sold for: 1) FIFO Periodic 2) LIFO Periodic 3) FIFO Perpetual 4) LIFO Perpetual Practice Compute COGs and Ending Inventory for: 1) FIFO Perpetual 2) LIFO Periodic 3) FIFO Periodic 4) LIFO Perpetual Difference in methods: In times of rising prices, does FIFO or LIFO result in higher Costs of Goods sold and ending inventory? Inventory Turnover - COGS / Average Inventory Is higher inventory turnover always better