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Please answer for extra credit...... what is ending inventory and cost of goods sold under FIO, LIFO and average cost under the perpetual inventory system/
Please answer for extra credit...... what is ending inventory and cost of goods sold under FIO, LIFO and average cost under the perpetual inventory system/ Thank you.
The units of an item available for sale during the year were as follows: January 10 Inventory 27 units @ $90 January 15 Sold 20 units February 27 Purchase 54 units @ $98 March 1 Sold 35 units July 11 Purchase 63 units @ $106 July 15 Sold 75 units November 13 Purchase 36 units @ $115 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine both ending inventory and cost of goods sold by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work. EXTRA CREDIT: What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. (6 points)Step by Step Solution
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