Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the data below. transaction units unit cost total cost beginning 100 $ 1.00 $100.00 purchase 1 150 1.50 225.00 purchase 2 200 1.75 350.00 purchase 3 220 1.80 396.00 cost of goods avail for sale 670 $ 1,071.00 ending inventory 100 cost of goods sold 570 ______________ in a period of rising prices, the inventory method which will provide the company with the: lowest net income _______________________ lowest income taxes ______________________ lowest and least realistic value of ending inventory _______________________ the two systems for tracking the flow of inventory are ________________and ___________
- Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the data below.
transaction units unit cost total cost
beginning 100 $ 1.00 $100.00
purchase 1 150 1.50 225.00
purchase 2 200 1.75 350.00
purchase 3 220 1.80 396.00
cost of goods avail
for sale 670 $ 1,071.00
ending inventory 100
cost of goods sold 570 ______________
- in a period of rising prices, the inventory method which will provide the company with the:
- lowest net income _______________________
- lowest income taxes ______________________
- lowest and least realistic value of ending inventory _______________________
- the two systems for tracking the flow of inventory are ________________and ___________
Step by step
Solved in 3 steps
