Question
Rock Shop shows the following data related to an item of inventory inventory, january 1, 100 units @5.00, purchase, january 9th 300 units @ 5.40,
Rock Shop shows the following data related to an item of inventory inventory, january 1, 100 units @5.00, purchase, january 9th 300 units @ 5.40, sold january 11th 325 units, purchase, january 19th 70 @ 6.00, purchase january 21st 250 @ 6.10 sold january 28th 150 units
1) what is the value of ending inventory & COGS under the FIFO method?
2) what is the value of ending inventory & COGS under LIFO method
3) what is the value of ending inventory & COGS under the moving average. Cost method
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
