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    Financial Accounting : FIFO and LIFO

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

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    (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.