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No idea why, but the system always shows that calculations under LIFO are wrong(FIFO is correct) The inventory records of Kuffel Co. reflected the following
No idea why, but the system always shows that calculations under LIFO are wrong(FIFO is correct)
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016 Number Unit Total Cost Date Transaction of UnitsCost 31 37 Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 150 $ 26 $ 3,900 (100) 140 (100) (100) 1/24 70 2,170 2/22 4/10 9/28 90 3,330 5,040 36 50 35 1,750 12/4 Required a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO FIFO LIFO Cost of goods sold Ending inventory 9,030$ 7,160 $ S SO 10,110 6,080Step by Step Solution
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