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Write at least three differences between fifo and lifo

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Question - Ziad Company had a beginning inventory on January 1 of 150 units of Product at a cost of $20 per unit. During the year, the following purchases were made.

Mar. 15 400 units at $23

Sept. 4 350 units at $26

July 20 250 units at $24

Dec. 2 100 units at $29

1,000 units were sold. Ziad Company uses a periodic inventory system.

Instructions -

(a) Write at least three differences between FIFO & LIFO.

(b) Determine the cost of goods available for sale.

(c) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods FIFO, LIFO, and average-cost. Solve this question.

Reference no: EM132535444

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