Question

The following information is provided for Clova Ltd. (Clova):



Required:
a. Calculate ending inventory on December 31, 2017 and 2018, and cost of sales and gross margin for the years ended December 31, 2017 and 2018 for Clova, using FIFO and average cost. Assume that Clova uses a periodic inventory control system.
b. Explain the results you obtained in (a). Do you find anything unusual about the amounts you calculated for ending inventory, cost of sales, and gross margin under each of the costformulas?


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  • CreatedFebruary 26, 2015
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