Question 4 The inventory records of Martin Corporation below reflected the following information for the month...

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Question 4 The inventory records of Martin Corporation below reflected the following information for the month of August. 1. Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory. FIFO о LIFO. 2. Which method gives the highest Net Income? 3. Which method gives the highest assets value? Date Transaction Number of Units Unit Cost 8/1 Beginning inventory 400 $5 8/3 Purchase No. 1 400 $5 8/5 Sale No. 1 600 8/7 Sale No. 2 100 8/11 Purchase No. 2 1000 $7 8/17 Sale No. 3 700 8/19 Purchase No. 3 1000 $7 8/21 Sale No. 4 600 8/28 Sale No. 5 600 8/29 Purchase No. 4 1200 $9 8/30 Ending Inventory Question 4 The inventory records of Martin Corporation below reflected the following information for the month of August. 1. Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory. FIFO о LIFO. 2. Which method gives the highest Net Income? 3. Which method gives the highest assets value? Date Transaction Number of Units Unit Cost 8/1 Beginning inventory 400 $5 8/3 Purchase No. 1 400 $5 8/5 Sale No. 1 600 8/7 Sale No. 2 100 8/11 Purchase No. 2 1000 $7 8/17 Sale No. 3 700 8/19 Purchase No. 3 1000 $7 8/21 Sale No. 4 600 8/28 Sale No. 5 600 8/29 Purchase No. 4 1200 $9 8/30 Ending Inventory

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1 Ending Inventory and Cost of Goods Sold COGS under FIFO and LIFO FIFO FirstInFirstOut Ending inven... View the full answer