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FIFO and LIFO Periodic Inventory Methods

Question 24

Essay

FIFO and LIFO periodic inventory methods.
The Rock Shop shows the following data related to an item of inventory:FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?
Instructions

(a) What value should be assigned to the ending inventory using FIFO?
(b) What value should be assigned to cost of goods sold using LIFO?

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