The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR FULL CREDITI Inventory, January 1 99 units @ $5.00 Purchases, January 9 300 units @ 6.00 Purchases, January 19 100 units @ $7.00 Inventory Sold: 398 Units a. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using FIFO? b. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using LIFO?

The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR FULL CREDITI Inventory, January 1 99 units @ $5.00 Purchases, January 9 300 units @ 6.00 Purchases, January 19 100 units @ $7.00 Inventory Sold: 398 Units a. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using FIFO? b. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using LIFO?

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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