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    Dec 8, 2008, 06:16 PM
    FIFO-LIFO- Ending Inventory-COGS formula needed.
    I need your help on the following question I can not seem to get this:
    Beginning Inventroy: 1,000 units @$10 per unit
    Purchases: 3,000 units @$12 per unit
    Sales: 3,500 units @$16 per unit
    Ending Inventory: 500 units

    Compute both the ending inventroy value and cost of goods sold using each of the following calculation methods:

    A. Ending Inventory for FIFO
    COGS for FIFO

    B. Ending Inventory for LIFO
    COGS for LIFO

    C. Weight average

    D. When costs are rising, which method above provides
    1. Higher income
    2. Higher inventroy balance

    E. When costs are falling, which method above provides
    1. Higher income
    2. Higher inventory balance
    :o

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