K Question 5, E6-22A (similar to) Part 2 of 3 MusicPalace specializes in sound equipment Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. LIFO method cost of goods sold = LIFO method ending inventory = 4 Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicPalace uses a perpetual inventory system) Data table Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO Date Mar 1 Mar 2 Mar 7 Mar 13 FIFO method cost of goods sold = FIFO method ending inventory =

MusicPalace specializes in sound equipment Company records indicate the following data for a line of speakers: (Click the icon to view the data) Read the requirements Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory hwo ways a. FIFO and b. LIFO (MusicPalace uses a perpetual inventory system.) Start by determining the amounts that MusicPalace should report for cost of goods sold and ending inventory under a. FIFO Determinie the amounts that MusicPalace should report for cost of goods sold and ending inventory under b. LIFO UFO method cost of goods sold = LIFO method ending inventory - Data table MusicPalace specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements Requirement 1. Determine the amounts that MusicPalace should report for cost of goods sold and ending inventory two ways a. FIFO and b. LIFO. (MusicPalace uses a perpetual inventory system.) Start by determining the amounts that Music Palace should report for cost of goods sold and ending inventory under a. FIFO. FiFO method cost of goods sold - 520 FIFO method ending inventory - 5997 Determinie the amounts that MusicPalace should report for cost of goods sold and ending inventory under b. LIFO. LFO method cost of goods sold = LIFO method ending inventory = Data table