HanovHanover Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 20 units at $8 August 2 10 units August 11 30 units at $9 August 10 15 units August 23 25 units at $10 August 19 45 units August 21 15 units Hanover uses a periodic inventory system. Instructions: Determine ending inventory and cost of goods sold under: 1. FIFO 2. LIFO 1. FIFO : Ending inventory = $_____________; cost of goods sold = $____________. 2. LIFO: Ending inventory = $_____________; cost of goods sold = $____________. 1er Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 20 units at $8 August 2 10 units August 11 30 units at $9 August 10 15 units August 23 25 units at $10 August 19 40 units August 21 15 units Hanover uses a periodic inventory system. Instructions: Determine ending inventory and cost of goods sold under: 1. FIFO 2. LIFO 1. FIFO.

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To calculate ending inventory and cost of goods sold using FIFO FirstIn FirstOut method we need to a... View the full answer