Explore BrainMass

Explore BrainMass

    Financial Accounting : FIFO and LIFO

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Please see the attached file for the fully formatted problems.

    Compute inventory and cost of goods sold using FIFO and LIFO.

    © BrainMass Inc. brainmass.com February 24, 2021, 2:18 pm ad1c9bdddf


    Solution Preview

    (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
    Using FIFO, the ending inventory are the goods most recently purchased:
    Then Inventory 130*$7 = $910

    Cost of goods sold(COGS)= Beginning Inventory ...

    Solution Summary

    Inventory and cost of goods sold using FIFO (first-in first-out) and LIFO (last-in first-out) are calculated. The discussion is detailed. The response received a rating of "5/5" from the student who originally posted the question.