Correct answer--------$680
Working
The difference in cost of goods sold between FIFO and LIFO is the difference in profit of the comany.
FIFO | LIFO | Difference | |
Ending Inventory | $ 3,960 | $ 3,280 | $ 680 |
Cost of Goods Sold | $ 5,980 | $ 6,660 | $ 680 |
.
FIFO | ||||
Total Units Avalable for sale | 1100 | |||
Units Sold | 700 | |||
Closing Stock in Units | 400 | |||
Valuation | ||||
Ending Inventory | 360 | @ | $ 10.00 | $ 3,600 |
40 | @ | $ 9.00 | $ 360 | |
Value Of Ending Inventory | $ 3,960 | |||
Cost of Goods sold | $ 5,980 |
.
LIFO | ||||
Total Units Avalable for sale | 1100 | |||
Units Sold | 700 | |||
Closing Stock in Units | 400 | |||
Valuation | ||||
Ending Inventory | 320 | @ | $ 8.00 | $ 2,560 |
80 | @ | $ 9.00 | $ 720 | |
Value Of Ending Inventory | $ 3,280 | |||
Cost of Goods sold | $ 6,660 |
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