Respuesta :
The value assigned to the cost of goods sold in March using the:
LIFO method is $14,900
FIFO method is: $13,050
The value assigned to ending inventory in March using the:
LIFO method is $5,500
FIFO method is: $7,350
The ending inventory is inventory that was not sold at the end of a period.
Ending inventory = total inventory - inventory sold
Total inventory = 100 + 60 + 200 + 40 = 400
Inventory sold = 70 + 80 + 120 = 270
Ending inventory = 400 - 270 = 130
The FIFO inventory means that the first inventory a company buys are the first to be sold and the ending inventory consists of goods that were the last to be purchased.
The goods sold would consist of beginning inventory and goods bought on the 3rd and 10th.
Cost of goods bought = (100 x $40) + (60 x $50) + (110 x $55) = $13,050
Ending inventory would consist of the inventories purchase on the 10th and 25th
Ending inventory = (90 x $55) + (40 x $60) = $7,350
The LIFO method means that the last inventory purchased by a firm is the the first to be sold and ending inventory is made up of inventory purchase first.
The cost of goods sold would consist of inventory bought on 3rd. 10th and 19th
Cost of goods sold = (40 x $60) + (200 x $55) + (30 x $50) = $14,900
The ending inventory would consist of the inventories purchased first.
Ending inventory = (100 x $40) + (30 x $50) = $5500
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