Financial accountingA) What are two typesof accounting methods? GAAP prefers which type?B) What is thepurpose of closing out the revenues, expenses, and dividendaccounts?
CALCULATION- FIFO vs. LIFO
C. Roo Inc.maintains a perpetual inventory system. Calculate thecost of merchandise sold for the monthAND the value of the ending inventoryusing the LIFO and FIFO
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 FirstOut (FIFO) Late In First Out (LIFO)
Costof merch. sold Costof merch. sold
Valueof ending inventory Value of ending inventory
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