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The following inventory transactions have been recorded by Brown Corp.:
- January 1, 2017: Purchase of 250 wigs @ $8 per unit
- January 5, 2017: Purchase of 200 wigs @ $8.50 per unit
- January 15, 2017: Sale of 300 wigs @$10 per unit
- January 22, 2017: Purchase of 100 wigs @$9 per unit
- January 30, 2017: Sale of 225 wigs @$12.5 per unit
Task: (i) Prepare the inventory table under the FIFO method
(ii) Prepare the inventory table under the LIFO method
(ii) Compare the Cost of Goods Sold under the two method.
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