Inventory data for Army & Navy Wear Co.are provided below.Sales for the quarter were 220 units sold for $12 each.
Required:
1.Calculate the cost of goods sold for the quarter assuming the company uses a FIFO perpetual inventory system.
2.Calculate the cost of goods sold for the quarter assuming the company uses a LIFO perpetual inventory system.
3.Which system (perpetual or periodic)do you think is increasing in use because of computer technology?

Question

Inventory data for Army & Navy Wear Co.are provided below.Sales for the quarter were 220 units sold for $12 each.
  Required:
1.Calculate the cost of goods sold for the quarter assuming the company uses a FIFO perpetual inventory system.
2.Calculate the cost of goods sold for the quarter assuming the company uses a LIFO perpetual inventory system.
3.Which system (perpetual or periodic)do you think is increasing in use because of computer technology?

Quizplus · Accepted Answer

The Answer of Inventory data for Army & Navy Wear Co.are provided below.Sales for the quarter were 220 units sold for $12 each.
  Required:
1.Calculate the cost of goods sold for the quarter assuming the company uses a FIFO perpetual inventory system.
2.Calculate the cost of goods sold for the quarter assuming the company uses a LIFO perpetual inventory system.
3.Which system (perpetual or periodic)do you think is increasing in use because of computer technology?

Inventory Data for Army & Navy Wear Co