Essay
The following company buys and sells identical collectors' coin sets.The company uses LIFO.Each coin set is identified by its letter and its cost in the first two columns below.Column 3 indicates when coin sets were sold.
For each inventory costing method given below,fill in the blanks to indicate the letter of the coin set which will be used to calculate either cost of goods sold or the cost of ending inventory.
PERIODIC INVENTORY: Inventory is taken on December 31,2009.
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____
PERPETUAL INVENTORY
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____
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