Comparing cost of goods sold in a perpetual system—FIFO and LIFO [15-20 min]
Review the data in Exercise.
Requirements
1. Compute the cost of goods sold under FIFO.
2. Compute the cost of goods sold under LIFO.
3. Which method results in the higher cost of goods sold?
Comparing amounts for ending inventory—perpetual inventory—FIFO and LIFO [5-10 min]
Assume that a Models and More store bought and sold a line of dolls during December as follows:
Beginning inventory...... | 13 units @ | $ 11 |
Sale.............................. | 9 units | |
Purchase...................... | 17 units @ | $ 13 |
Sale.............................. | 13 units |
Models and More uses the perpetual inventory system.
Requirements
1. Compute the cost of ending inventory using FIFO.
2. Compute the cost of ending inventory using LIFO.
3. Which method results in a higher cost of ending inventory?
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