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You have your own business reselling 15th edition Kieso textbooks. You have the following transactions: Beginning inventory 2 textbooks @ $100 each 1/1 Purchased 1
You have your own business reselling 15th edition Kieso textbooks. You have the following transactions: Beginning inventory 2 textbooks @ $100 each 1/1 Purchased 1 textbook @$73 2/1 Sold 2 textbooks 3/1 purchase 2 textbook @$101 If you are to prepare the financial statement for this quarter, what are the numbers for COGS and ending inventory given the following cost flow assumptions? Periodic Perpetual FIFO LIFO AVG. FIFO LIFO AVG. COGS 100 101 95 Ending Inventory 5 5 5
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