A restaurant has 18 cans of tomatoes in stock. The restaurant purchased 12 cans at $0.95/can on
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Question:
A restaurant has 18 cans of tomatoes in stock. The restaurant purchased 12 cans at $0.95/can on June 5, 12 more cans at $0.98/can on June 17, and 12 more cans at $1.02/can on June 28. No other cans of tomatoes were purchased during June.
- Using the FIFO method of pricing, what is the value of the 18 cans currently in inventory?
- Using the data, employ the LIFO method to value the 18 cans of tomatoes.
Expert Answer:
Inventory Valuation of Tomatoes FIFO vs LIFO The restaurant has 18 cans of tomatoes in sto... View the full answer
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