Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why in the end LIFO should not be used. (on the image below) ScheduleSales ($5 per unit)СOGSGross Margin$Sch 1$$200,000$128,50071,500Sch 2200,000$125,000$75,000Calculation COGSUnitsCost per unitTotal CostBeginning Inventory, jan 1Purchase, Jan 10Purchase, Jan 3012,000$3.00$36,0009,000$3.20$28,8009,000$3.25$29,250Purchase, Feb 1111,000$3.30$36,300Purchase, March 1712,000$3.40$40,800

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Description: Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why in the end LIFO should not be used. (on the image below) ScheduleSales ($5 per uni

Given, sales = $200000 Selling per unit = $5 per unit Total number of units sold = Sales / selling…

Business

Accounting

Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why in the end LIFO should not be used. (on the image below)

Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why in the end LIFO should not be used. (on the image below)

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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