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?

Name: The Rock Shop shows the following data related to an item of inventor
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Description: The Rock Shop shows the following data related to an item of inventory:Inventory, January 1Purchase, January 9Purchase, January 19Inventory, January 31200 units @ $5.00600 units @ $5.40140 units @ $6.00200 unitsInstructions(a) What value should be a

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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