Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 61

(Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO
Refer to the information in E7-5. Assume Oahu Kiki applies its inventory costing method perpetually at the time of each sale. The company sold 240 units between January 16 and 23. Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.