The following data was obtained from the records of Ivanovich Artists, Inc., for the current year. Sales during the year were 400 units.
Required:
1. Calculate the cost of the ending inventory using:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
2. Calculate the cost of goods sold by:
a. FIFO.
b. LIFO.
c. Average cost. Round final answers to the nearest dollar.
Definitions:
Threatening
Threatening involves expressing an intention to inflict pain, injury, damage, or other hostile action on someone in retribution for something done or not done.
Defiant
Characterized by resistance and disobedience, often in opposition to authority.
Imitate
The action of copying or mimicking the behaviors, actions, or appearances of someone else.
Parents Do
The actions, behaviors, and decisions made by parents in raising their children, including nurturing, disciplining, and supporting their development.
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