Question
Pete's Red Apple Grocery Store has a beginning inventory of 12 boxes of stuffing at a cost of $0.75 each on November 1. During the
Pete's Red Apple Grocery Store has a beginning inventory of 12 boxes of stuffing at a cost of $0.75 each on November 1. During the month, the store purchased 20 boxes at $0.85, 25 boxes at $0.95 each, 25 boxes at $1.05 each, and 15 boxes at $1.20 each. By the end of the month, there were 18 boxes remaining.
Calculate the cost of Ending Inventory and Cost of Goods Sold under FIFO and LIFO.
FIFO Ending Inventory $ ___________
FIFO Cost of Goods Sold $ ___________
LIFO Ending Inventory $ ___________
LIFO Cost of Goods Sold $ ___________
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