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Part 3: FIFO, LIFO and Weighted Average Inventory Costing Methods (Chapter 5) Toy Cars sells battery-powered ride-on vehicles for children. There is no unique identifier
Part 3: FIFO, LIFO and Weighted Average Inventory Costing Methods (Chapter 5) Toy Cars sells battery-powered ride-on vehicles for children. There is no unique identifier on their products, so the company is debating between the FIFO, LIFO, and weighted average inventory methods. Help them calculate the following cost of goods sold and ending inventory for their most popular toy car. # Units 80 Date 3/2 3/14 3/27 3/30 Transaction Beginning Inventory Purchase Inventory Purchase Inventory Sales at $329 each 150 100 130 Cost/Unit $170 $180 $220 ? 1. Calculate ending inventory on March 31 using FIFO. 2. Calculate cost of goods sold for March using LIFO. 3. Calculate cost of goods sold for March using weighted average
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