Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (en Cost of goods sold

How do i calculate ending inventory and cost of goods sold using LIFO?

According to our authors, define “cost” as it relates to determining the value of inventory. Provide examples.

Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost