Homework Answers
Calculate following
| FIFO | LIFO | Average cost | |
| Ending inventory | 448*8 = 3584 | 2160+616 = 2776 | 17640/2400*448 = 3293 |
| Cost of goods sold | 17640-3584 = 14056 | 17640-2776 = 14864 | 17640-3293 = 14347 |
FIFO costing method gives the highest ending inventory
LIFO method will produce the highest cost of goods sold
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