I have a number of fish tanks in my inventory," he explains. "At first, I bought 50 of them at a wholesale cost of $17 each. At the beginning of the month, I still had 36 left. So I bought 14 more, but now the same fish tank costs me $22. I've sold half of the fish tanks I had in stock since then, so I have 25 left."

Calculate these using the LIFO, FIFO, and weighted average method.

Answer rating: 100% (QA)

To calculate the cost of goods sold and the value of ending inventory using different inventory costing methods we need to keep track of the flow of i... View the full answer