Problem 16-76 : Beginning Inventory + Purchases (-) Ending inventory = Cost of Goods sold;

Beginning Inventory + Purchases (-) Cost of Goods sold = Ending inventory)

Fill in COGS & ending inventory on the table. from the information provided. for assignment 16-76

	Beginning Inventory	inventory purchases	available purchases	COGS
Scenario 1 ($12 bag)
FIFO	$200,000	$360,000	$560,000		ending inventory
LIFO	$200,00	$360,000	$500,000
Scenario 2 ($8bag)
FIFO	$200,000	$240,000	$440,000
LIFO	$200,000	$240,000	$440,000