CALCULATION- FIFO vs. LIFO (20 points)
1. Roo Inc. maintains a perpetual inventory system. Calculatethe cost of merchandise sold for the month AND thevalue of the ending inventory using the LIFO andFIFO (20 points)
3-Mar
Inventory
12 t-shirts
$15
11-Mar
Purchase
13 t-shirts
$17
14-Mar
Sale
18 t-shirts
21-Mar
Purchase
9 t-shirts
$20
26-Mar
Sale
10 t-shirts
First In First Out (FIFO) LateIn First Out (LIFO)
Cost of merchandise sold Cost of merchandise sold
Value of ending inventory Value of ending inventory
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