The following data was obtained from the records of Ivanovich Artists,Inc.,for the current year.Round all calculations to two decimal places.Sales during the year were 400 units.
Required:
1.Calculate the cost of the ending inventory using:
a.FIFO.
b.LIFO.
c.Average-cost.
2.Calculate the Cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average-cost.

Question

The following data was obtained from the records of Ivanovich Artists,Inc.,for the current year.Round all calculations to two decimal places.Sales during the year were 400 units.
  Required:
1.Calculate the cost of the ending inventory using:
a.FIFO.
b.LIFO.
c.Average-cost.
2.Calculate the Cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average-cost.

Quizplus · Accepted Answer

The Answer of The following data was obtained from the records of Ivanovich Artists,Inc.,for the current year.Round all calculations to two decimal places.Sales during the year were 400 units.
  Required:
1.Calculate the cost of the ending inventory using:
a.FIFO.
b.LIFO.
c.Average-cost.
2.Calculate the Cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average-cost.

The Following Data Was Obtained from the Records of Ivanovich