Question

In: Accounting

Joy Co.'s recorded inventory information for the month of August is as follows: Beginning Inventory 22...

Joy Co.'s recorded inventory information for the month of August is as follows:

Beginning Inventory 22 units at $15 each
First Purchase 25 units at $18 each
Second Purchase 21 units at $20 each
Sales 48 units

a. Determine the total cost of ending inventory according to FIFO method.
$

b. Determine the total cost of ending inventory according to LIFO method.
$

Solutions

Expert Solution

Ending inventory = Units available - Units sold

= (22+25+21) - 48 = 20 units

A) Cost of ending inventory under Fifo

= 20 * 20

= 400

B) Cost of ending inventory under lifo

= 20 * 15

= 300

Comment if you face any issues

ekkarill92 answered 1 year ago
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