- Financial Accounting & Bookkeeping
- Purchases, Inventory and Cost of Goods Sold (COGS)
LIFO/FIFO for starting a business
Using the LIFO inventory method, the value of the ending inventory on June 30 (rounded to the nearest dollar) is
Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
Using the average cost method, the amount allocated to the ending inventory on June 30 is
Solution contains valuation of inventory and calculation of cost of goods sold under LIFO,FIFO and average cost method.