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What value should be assign to cost of goods sold using lifo

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Reference no: EM132464664

Rock Shop shows the following data related to an item of inventory:

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Question (a) What value should be assigned to the ending inventory using FIFO?

Question (b) What value should be assigned to cost of goods sold using LIFO?

Question (c) If Rock Shop uses the LIFO method for financial reporting and FIFO for internal purposes. what is the amount of the LIFO reserve at January 31st?

Question (d) What would be the LIFO reserve amount be if Rock Shop used weighted-average for internal reporting purposes?

Reference no: EM132464664

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