Question: Ex. 3-FIFO, LIFO and weighted average periodic inventory methods. (6 points) The Rock Shop shows the following data related to an item of inventory: Inventory,

 Ex. 3-FIFO, LIFO and weighted average periodic inventory methods. (6 points)

Ex. 3-FIFO, LIFO and weighted average periodic inventory methods. (6 points) The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 Purchase, January 9 Purchase, January 19 Inventory, January 31 200 units@$5.00 600 units @$5.40 140 units @$6.00 200 units How much units were sold? What value should be assigned to the ending inventory using FIFO? what value should be assigned to cost of goods sold using (a) (b) (d) What value should be assigned to cost of goods sold using uFO? (e) What value should be assigned to the ending inventory using LIFO? (f) What value should be assigned to ending inventory using weighted average

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!