Beginning inventory, purchases and sales data for the month are as follows:
$\begin{array}{ll}
10 \text { units at } \$ 42 \text { each } & \text { Beginning Inventory } \
15 \text { units at } \$ 44 \text { each } & \text { First Purchase } \
13 \text { units at } \$ 45 \text { each } & \text { Second Purchase } \
26 \text { units } & \text { Sales }
\end{array}$ Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Question

Beginning inventory, purchases and sales data for the month are as follows:
 $\begin{array}{ll}
10 \text { units at } \$ 42 \text { each } & \text { Beginning Inventory } \
15 \text { units at } \$ 44 \text { each } & \text { First Purchase } \
13 \text { units at } \$ 45 \text { each } & \text { Second Purchase } \
26 \text { units } & \text { Sales }
\end{array}$ Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Quizplus · Accepted Answer

The Answer of Beginning inventory, purchases and sales data for the month are as follows:
 $\begin{array}{ll}
10 \text { units at } \$ 42 \text { each } & \text { Beginning Inventory } \
15 \text { units at } \$ 44 \text { each } & \text { First Purchase } \
13 \text { units at } \$ 45 \text { each } & \text { Second Purchase } \
26 \text { units } & \text { Sales }
\end{array}$ Determine the total cost of ending inventory according to (a) FIFO method and (b) LIFO method.

Beginning Inventory, Purchases and Sales Data for the Month Are