The Rock Shop shows the following data related to an item of inventory

The Rock Shop shows the following data related to an item of inventory

The Rock Shop shows the following data related to an item of inventory:
Inventory, January 1 100 units @ $5.00
Purchase, January 9 300 units @ $5.40
Purchase, January 19 70 units @ $6.00
Inventory, January 31 100 units
Instructions:
(a) What value should be assigned to the ending inventory using FIFO?
(b) What value should be assigned to cost of goods sold using LIFO?


Price: £ 45

100% Plagiarism Free & Custom Written, Tailored to your instructions

Leave your Comments


Can't read the image? click here to refresh