Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.Tony Merchandise Company has the following information for the month of February:Feb. 2Beginning inventory20units@$12per unitFeb. 5Purchase20units@$16per unitFeb. 8Sale12unitsFeb. 21Purchase12units@$18per unitFeb. 25Sale14unitsAnswer the following questions for Tony Merchandise Company:1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.2. Calculate the cost of goods sold if LIFO is used.3. Calculate the dollar ending inventory if weighted average is used.4. According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.5. Discuss the consequences of selecting one method instead of others.For assistance with your assignment, please use your text, Web resources, and all course materials.The following grading criteria will be used:Grading Guidelines30%Calculate the dollar ending inventory if FIFO is used.30%Calculate the cost of goods sold if LIFO is used.20%· Calculate the dollar ending inventory if weighted average is used.20%· According to the GAAP, discuss the objectives of inventory costing.· Discuss the consequences of selecting one method instead of others.
Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.Tony Merchandise Company has the following information for the month of February:Feb. 2Beginning inventory20units@$12per unitFeb. 5Purchase20units@$16per unitFeb. 8Sale12unitsFeb. 21Purchase12units@$18per unitFeb. 25Sale14unitsAnswer the following questions for Tony Merchandise Company:1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.2. Calculate the cost of goods sold if LIFO is used.3. Calculate the dollar ending inventory if weighted average is used.4. According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.5. Discuss the consequences of selecting one method instead of others.For assistance with your assignment, please use your text, Web resources, and all course materials.The following grading criteria will be used:Grading Guidelines30%Calculate the dollar ending inventory if FIFO is used.30%Calculate the cost of goods sold if LIFO is used.20%· Calculate the dollar ending inventory if weighted average is used.20%· According to the GAAP, discuss the objectives of inventory costing.· Discuss the consequences of selecting one method instead of others.
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