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no worries, i figured it out!! May 20 Purchased 300 units at $22 each May 25 Sold 400 units at $50 each There was no
no worries, i figured it out!!
May 20 Purchased 300 units at $22 each May 25 Sold 400 units at $50 each There was no beginning inventory. Required: 1. Assume the company uses the periodic LIFO inventory method. (1-a) What is the cost of the ending inventory? (1-b) What is the cost of merchandise sold? 2. Assume the company uses the periodic FIFO inventory method. (2-a) What is the cost of the ending inventory? (2.b) What is the cost of merchandise sold? May 20 Purchased 300 units at $22 each May 25 Sold 400 units at $50 each There was no beginning inventory. Required: 1. Assume the company uses the periodic LIFO inventory method. (1-a) What is the cost of the ending inventory? (1-b) What is the cost of merchandise sold? 2. Assume the company uses the periodic FIFO inventory method. (2-a) What is the cost of the ending inventory? (2.b) What is the cost of merchandise sold Step by Step Solution
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