(L.OBJ. 4) Comparing amounts for ending inventory—perpetual inventory-FIFO and LIFO [5—10 min]
Assume that an RK Toys store bought and sold a line of dolls during December follows:
RK Toys uses the perpetual inventory system.
Requirements
1. Compute the cost of ending inventory under FIFO.
2. Compute the cost of ending inventory under LIFO.
3. Which method results in a higher cost of ending inventory?
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