How can i calculate Cost of goods sold and ending inventory
using FIFO, LIFO and the periodic system given the information
below?
On December 1, 2017, Ivanhoe Company had the account balances
shown below.
Debits
Credits
Cash
$5,180
Accumulated Depreciation—Equipment
$1,460
Accounts Receivable
4,230
Accounts Payable
2,710
Inventory (2,900 x $0.60)
1,740
Common Stock
10,200
Equipment
21,400
Retained Earnings
18,180
$32,550
$32,550
The following transactions occurred during December.
Dec. 3
Purchased 3,900 units of inventory on account at a cost...