At the end of April, Greenland Company reports the following for the month: 
Instructions
a. Assuming Greenland uses a periodic inventory system, calculate the cost of ending inventory and the cost of goods sold under (1) FIFO, (2) average.
b. Which cost assumption results in the highest ending inventory? Why?
c. Which cost assumption results in the highest cost of goods sold?
d. Which cost assumption results in the highest cash flow? Why?
Definitions:
Microwave Dinners
Pre-packaged frozen or refrigerated meals that are designed to be quickly heated and eaten, typically in a microwave oven.
Landfill Space
A designated area where waste is disposed of by burying it and covering it over with soil.
Tragedy Of The Commons
An economic theory describing how individual users acting independently according to their own self-interest behave contrary to the common good by depleting or spoiling shared resources.
User-Pay Approach
A policy or system where users pay directly for the services or facilities they use, encouraging responsible usage and helping to cover the costs of service provision.
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