E6-22 Comparing cost of goods sold in a perpetual

Price: $2.99


E6-22 Comparing cost of goods sold in a perpetual system—FIFO and LIFO [15–20 min]

Review the data in Exercise 6-21.

Requirements

1. Compute the cost of goods sold under FIFO.
2. Compute the cost of goods sold under LIFO.
3. Which method results in the higher cost of goods sold?

data from E6-21

Beginning inventory . . . . . . 13 units @ $ 11 units
Sale . . . . . . . . . . . . . . . . . . 9
Purchase . . . . . . . . . . . . . . . 17 units @ $ 13 units
Sale . . . . . . . . . . . . . . . . . . 13