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The following information is available from the records of Candace, Inc, concerning its inventory of You-Are-So-Busted Cameras: UNITS UNIT COST TOTALS Beginning Inventory January 1:
The following information is available from the records of Candace, Inc, concerning its inventory of You-Are-So-Busted Cameras: UNITS UNIT COST TOTALS Beginning Inventory January 1: 300 $ 90 $ 27,000 Purchases: February May September December Totals 1,000 3,300 900 _150 5,650 100 130 150 170 100,000 429,000 135,000 25.500 $716,500 A count of the inventory shows ending inventory to be 800 units. Required: Compute 1) Ending Inventory and 2) Cost of Goods Sold under the FIFO costflow assumption. Don't worry about LIFO, since if you can do FIFO you can do LIFO
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