1. What is the difference between FIFO and LIFO method of calculating ending inventory? (2.5 marks) 2....

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1. What is the difference between FIFO and LIFO method of calculating ending inventory? (2.5 marks)

2. DEF Booksellers has the following inventory of a popular book: January 1st, 2023: 50 units at $20 each January 5th, 2023: 70 units at $22 each January 15th, 2023: 30 units at $25 each On January 20th, 2023, they sell 100 units.

Calculate the cost of goods sold (COGS) and the ending inventory using the LIFO method as of January 20th, 2023.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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Posted Date: Feb 19, 2024 02:00 PM

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1. What is the difference between FIFO and LIFO method of calculating ending inventory? (2.5 marks) 2....

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Financial Accounting Tools for Business Decision Making

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