The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 Purchase, January 9 Purchase, January 19 Inventory, January 31 200 units @ $5.00 600 units @ $5.40 140 units @ $6.00 200 units Instructions (a) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system? (b) What value should be assigned to cost of goods sold using LIFO if the Company uses a periodic inventory system?
The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 Purchase, January 9 Purchase, January 19 Inventory, January 31 200 units @ $5.00 600 units @ $5.40 140 units @ $6.00 200 units Instructions (a) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system? (b) What value should be assigned to cost of goods sold using LIFO if the Company uses a periodic inventory system?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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