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What value should be assigned to cost of goods sold

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Reference no: EM132963031

Problem - The GMA corporation shows the following data related to an item of Inventory

Inventory, January 1 100 units @P50

Purchases, January 9 300 units @ P54

Purchases, January 19 90 units @ P60

Inventory, January 31 150 units

Required -

a. What value should be assigned to the ending inventory using FIFO?

b. What value should be assigned to cost of goods sold using FIFO?

Reference no: EM132963031

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