2) Aloha Acai had 4 tubs of frozen yogurt to begin the month of July. The...

 

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2) Aloha Acai had 4 tubs of frozen yogurt to begin the month of July. The value of the beginning inventory was $60 total (for all 4 tubs). On July 9, 2 tubs were purchased at $16 per tub. On July 25, 5 more tubs were purchased for $18 per tub. 3 tubs were left in inventory at the end of the month of July. Calculate the value of ending inventory and CGS using the FIFO and LIFO methods. 2) Aloha Acai had 4 tubs of frozen yogurt to begin the month of July. The value of the beginning inventory was $60 total (for all 4 tubs). On July 9, 2 tubs were purchased at $16 per tub. On July 25, 5 more tubs were purchased for $18 per tub. 3 tubs were left in inventory at the end of the month of July. Calculate the value of ending inventory and CGS using the FIFO and LIFO methods.

Answer rating: 100% (QA)

Using the FIFO method The first 4 tubs sold will be assumed to be the ones from the beginning invent... View the full answer