Financial Accounting : FIFO and LIFO
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Compute inventory and cost of goods sold using FIFO and LIFO.© BrainMass Inc. brainmass.com March 6, 2023, 1:17 pm ad1c9bdddf
(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 ...
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.