INVENTORIES – Problem 2 $ Value # Units If FIFO firm If W-Avg firm If LIFO...

INVENTORIES – Problem 2

		$ Value
	# Units	If FIFO firm	If W-Avg firm	If LIFO firm
Beginning Inventory	55	550	520	480

Purchases:	# Units	Unit Cost
Purchase on February 4	22	12
Purchase on May 15	20	13
Purchase on October 20	48	15

Sale on November 1: 84 Units at $30 per unit

Show your work

a. What is the cost of goods sold for the year assuming LIFO method is used?

b. What is the cost of goods sold for the year assuming FIFO method is used?

c. What is the cost of goods sold assuming Weighted Average method is used?

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Expert Solution

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ekkarill92 answered 1 year ago

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