The chapter discussed four inventory costing methods. List the four methods and briefly explain each

Contrast the effects of LIFO versus FIFO on ending inventory when

costs are rising and

costs are falling.

Contrast the income statement effects of LIFO versus FIFO (on Cost of Goods Sold and Gross Profit) when

costs are rising and

costs are falling.

Match the type of inventory with the type of business (Merchandise vs Manufacturing)

Merchandise (Manufacturing or Merchandise)

Finished goods (Manufacturing or Merchandise)

Work in process (Manufacturing or Merchandise)

Raw materials (Manufacturing or Merchandise)

Calculate Costs of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, Periodic LIFO and Periodic Weighted Average Cost using the details below :

July 1 - Beginning inventory (50 units @ $10)

July 13 - Purchase (250 units @ $13)

July 25 - Sold (100 units @ $15)

July 31 - Ending inventory (200 units)