Solution-Compute the cost of ending inventory using lifo

Compute the cost of ending inventory using lifo

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Reference no: EM13539992

Comparing amounts for ending inventory-perpetual inventory-FIFO and LIFO
Assume that a Models and More store bought and sold a line of dolls during December as follows:

Beginning inventory	13	units @	11.00
Sale	9	units
Purchase	17	units @	13.00
sale	13	units

Models and More uses the perpetual inventory system.

Requirements

1. Compute the cost of ending inventory using FIFO.

2. Compute the cost of ending inventory using LIFO.

3. Which method results in a higher cost of ending inventory?

Reference no: EM13539992

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Compute the cost of ending inventory using lifo

Reference no: EM13539992

Reference no: EM13539992

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