Business, 07.04.2020 05:00, artiomtyler007
Whispering Winds Corp. uses the periodic inventory system and reports the following for the month of June.
Units Unit Unit Cost Total Cost
June 1 Inventory 352 $6 $2,112
12 Purchase 704 8 5,632
23 Purchase 528 10 5,280
30 Inventory 176
Required:
a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO
b. Which costing method gives the higher ending inventory? Why?
c. Which method results in the higher cost of goods sold? Why?
Answers: 1
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