The following data was obtained from the records of Ivanovich Artists,Inc.,for the current year.Round all calculations to two decimal places.Sales during the year were 400 units.
Required:
1.Calculate the cost of the ending inventory using:
a.FIFO.
b.LIFO.
c.Average-cost.
2.Calculate the Cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average-cost.
Definitions:
Positive Instance
An example or case that supports a theory or hypothesis.
Complete Enumeration
A method involving listing all possible members of a set to show a proposition's truth.
Generalization
The process or act of formulating general concepts by abstracting common properties of instances.
Examination
A detailed inspection or analysis of an object, person, or situation for the purpose of evaluation.
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