Question

Genesis Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360 units—120 from each of the last three purchases. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO,
(d) LIFO.
(Round per unit costs to three decimals, but inventory balances to the dollar.) Which method yields the lowest net income?


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  • CreatedMarch 18, 2015
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