Question: PLEASE READ THIS BEFORE SOLVING I need help on this. FIFO part is already done. Here's the answer just incase it is needed to solve
PLEASE READ THIS BEFORE SOLVING
I need help on this. FIFO part is already done. Here's the answer just incase it is needed to solve for something else
FIFO Method cost of goods sold = $715
FIFO Method ending inventory = $470
I only want to know how to get the LIFO method cost of goods sold and the other one.
Please no COGS or any of that, that isn't needed here.
Here's the image

MusicLife specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the Determinie the amounts that MusicLife should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicLife uses the FIFO method. Prepare the company's income statement for the month ended rate was 30%. (Round answers to the nearest dollar.) Data table MusicLife specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the Determinie the amounts that MusicLife should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicLife uses the FIFO method. Prepare the company's income statement for the month ended rate was 30%. (Round answers to the nearest dollar.) Data table
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
