Dicuss the concept of fifo

Reference no: EM131520873

Question: Refer to the information in BE6-4. Calculate ending inventory and cost of goods sold for 2012, assuming the company uses LIFO.

BE6-4: During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2012.

Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO.

Reference no: EM131520873

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