Question

Neyman Inc. has the following data for purchases and sales of inventory:
All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system.
Required:
1. Compute the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
2. Why is the cost of goods sold lower with LIFO than with FIFO?


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  • CreatedSeptember 22, 2015
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