Reference no: EM132768192
Question: LIFO, FIFO, & Moving Average Cost: Perpetual Inventory Methods: Rock Shop shows the following data related to an item of inventory:
Inventory, January 1st................. 100 units @ $5.00
Purchase, January 9th................. 300 units @ $5.40
Sold, January 11th...................... 325 units
Purchase, January 19th................ 70 @ $6.00
Purchase, January 21st................. 250 @$6.10
Sold, January 28th....................... 150 units
Please answer the following questions under the Perpetual Inventory Method:
1) What is the value of Ending Inventory & COGS under the FIFO Method?
2) What is the value of Ending Inventory & COGS under the LIFO Method?
3) What is the value of Ending Inventory & COGS under the Moving Avg. Cost Method?
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