(L.OBJ. 4) Comparing cost of goods sold ¡n a perpetual System—FIFO and LIFO [15—20 min]...

(L.OBJ. 4) Comparing cost of goods sold ¡n a perpetual System—FIFO and LIFO [15—20 min]

Review the data in Exercise 6-19.

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?