FIFO and LIFO periodic inventory methods.
The Rock Shop shows the following data related to an item of inventory:
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?

Question

FIFO and LIFO periodic inventory methods.
The Rock Shop shows the following data related to an item of inventory:
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?

Quizplus · Accepted Answer

The Answer of FIFO and LIFO periodic inventory methods.
The Rock Shop shows the following data related to an item of inventory:
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?

FIFO and LIFO Periodic Inventory Methods