Question: INVENTORIES Problem 2 $ Value # Units If FIFO firm If W-Avg firm If LIFO firm Beginning Inventory 55 550 520 480 Purchases: # Units

INVENTORIES Problem 2

$ Value

# Units

If FIFO firm

If W-Avg firm

If LIFO firm

Beginning Inventory

55

550

520

480

Purchases:

# Units

Unit Cost

Purchase on February 4

22

12

Purchase on May 15

20

13

Purchase on October 20

48

15

Sale on November 1: 84 Units at $30 per unit

Show your work

a. What is the cost of goods sold for the year assuming LIFO method is used?

b. What is the cost of goods sold for the year assuming FIFO method is used?

c. What is the cost of goods sold assuming Weighted Average method is used?

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