The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 300
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Question:
The Rock Shop shows the following data related to an item of inventory:
Inventory, January 1 300 units @ $5.00
Purchase, January 9 900 units @ $5.40
Purchase, January 19 210 units @ $6.00
Inventory, January 31 300 units
(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?
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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