a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? $

Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.

Explain the gross profit method of estimating ending inventory.

The cost of goods sold (Using the FIFO method) $.__________________________   The of cost of the ending Inventory (using the LIFO method)          $____________________   The cost of Goods sold (Using the LIFO method)          $_______________________________

The cost of goods sold is based on the oldest purchases under which method of calculating inventory cost? O A. weighted average method O B. first in, first out (FIFO) O C. gross profit method O D. last in, first out (LIFO)

Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.

fifo and lifo for cost of goods sold and cost of ending inventory

how do I find the amount of inventory under the dollar value using the LIFO method?