Question

MusicLife specializes in sound equipment Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that MusicLife should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicLife uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is $ and the ending inventory is $ © Data Table Sale Price Date Mar Quantity 19 Item 1 Balance .............. 2 Purchase. ............ 3 7 Sale........ Unit Cost $ 54 5 9 .......... 7 $ 107 105 13 Sale................. Print [Done Print Done

Answer 1

A)

Using the FIFO, method the cost of goods sold is (7*54)+(5*54) 648 and the ending inventory is (7*54)+(3*59) 555

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