Be clear pls Current Attempt in ProgressMoath Company reports the following for the month of June.UnitsUnit CostTotal CostJune 1Inventory200$5$1.00012Purchase40062,40023Purchase3002,100Inventory 100 (b)Will the results in (a) be higher or lower than the results under FIFO and LIFO?Ending inventory isM than FIFO SandIn contrast, cost of goods sold is202 than FIFO 3Sque for LateM than LIFOSandmpts: 0 of 3 usedchan LIFO SSubmit Answer

Ending inventory is 100 units at the end of June. So the cost of ending inventory as per following…

Answered: (b) Will the results in (a) be higher…

(b) Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is Th than FIFO S and In contrast, cost of goods sold is w than FIFOS and than LIFO S than LIFO S

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Be clear pls

Current Attempt in Progress
Moath Company reports the following for the month of June.
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$1.000
12
Purchase
400
6
2,400
23
Purchase
300
2,100
Inventory 100

(b)
Will the results in (a) be higher or lower than the results under FIFO and LIFO?
Ending inventory is
M than FIFO S
and
In contrast, cost of goods sold is
202 than FIFO 3
Sque for Late
M than LIFOS
and
mpts: 0 of 3 used
chan LIFO S
Submit Answer

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