FIFO LIFO accounting Help!?
Feb. 20 576 units @ $8 Aug. 12 277 units @ $10
May 5 462 units @ $9 Dec. 8 238 units @ $11
Eddings Company uses a periodic inventory system. Sales totaled 1,476 units.Determine the cost of goods available for sale
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round the unit cost in the average cost method to 2 decimal places, e.g. 10.50. Use the rounded amounts for subsequent calculations. Round final answers to 0 decimal places, e.g. 125.)
Ending Inventory: FIFO? LIFO? Average Cost?
Cost of Goods Sold: FIFO? LIFO? Average Cost?
Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement?
Lowest inventory amount?
Lowest cost of goods sold?
*** I have some of the answers, i just need to fill in the holes. if anyone could help me out that would be lovely!