The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units.
Required:
1. Calculate the cost of the ending inventory using:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
2. Calculate the cost of goods sold by:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.

Question

The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units.
  Required:
1. Calculate the cost of the ending inventory using:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
2. Calculate the cost of goods sold by:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.

Quizplus · Accepted Answer

The Answer of The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units.
  Required:
1. Calculate the cost of the ending inventory using:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
2. Calculate the cost of goods sold by:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.

The Following Data Was Obtained from the Records of Ivanovich