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 average cost per unit to two decimal places.Round final answers to the nearest dollar.
2.Calculate the cost of goods sold by:
a.FIFO.
b.LIFO.
c.Average cost.Round average cost per unit to two decimal places.Round final answers to the nearest dollar.
Definitions:
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