Question

During 2015, Liberty Company has the following inventory transactions.


Because trends change frequently, Liberty estimates that the remaining six units have a current replacement cost at December 31 of only $300 each.

Required:
1. Using FIFO with a periodic inventory system, calculate ending inventory and cost of goods sold.
2. Using LIFO with a periodic inventory system, calculate ending inventory and cost of goods sold.
3. Determine the amount of ending inventory to report using the lower-of-cost-or-market method. Record any necessary adjusting entry under
(a) FIFO
(b)LIFO.


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  • CreatedJuly 15, 2014
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