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Accounting

The Rock Shop shows the following data related to an item of inventory:

Inventory, January 1 100 units @ $5.00
Purchase, January 9 300 units @ $5.40
Purchase, January 19 70 units @ $6.00
Inventory, January 31 100 units

Instructions:

(a) What value should be assigned to the ending inventory using FIFO?

(b) What value should be assigned to cost of goods sold using LIFO?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M950506

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