Assume that a Models and More store bought and sold a line of dolls during December as

Question:

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 using FIFO.
2. Compute the cost of using LIFO.
3. Which method results in a higher cost of ?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...