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You are the accountant of an inventory style business and the business had the following transactions
You are the accountant of an inventory style business and the business had the following transactions
during the month of February 20xx.
Your task as the company's accountant is to account for these transactions using both FIFO and LIFO in the same Excel workbook, but different tabs. Please work the entire problem by computing COGS at the end of the month and Ending Inventory balances and dollars at the end of the month. If you had been provided with the sales price then you could easily calculate the net income amount for each method by multiplying the sales price by the number of units sold, then subtracting the COGS you calculated for each method. In this case, I leave that portion out for simplicity purposes.
