Question: Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy as made up of 10000 boxes costing 1.50
Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy as made up of 10000 boxes costing 1.50 per box (15000) and he made the following purchases of candy during the year; March 1, 10000 boxes at 1.60 =16000. August 15, 20000 boxes 1.70 per boxes = 34000. November 20, 10000 at 1.80 per boxes. At the end of the year, Lawrence's inventory consisted of 15000 boxes of candy. (A). Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. Ending inventory------. Cost of goods sold$------. (B) Calculate Lawrence's ending inventory and cost of sold using LIFO inventory valuation method. Ending inventory $-----. Cost of goods sold.$-----.
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