Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.

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. 2
Beginning inventory
20
units
@
$12
per unit
Feb. 5
Purchase
20
units
@
$16
per unit
Feb. 8
Sale
12
units

Feb. 21
Purchase
12
units
@
$18
per unit
Feb. 25
Sale
14
units

Answer the following questions for Tony Merchandise Company:

Calculate the dollar ending inventory if first in, first out (FIFO) is used.
Calculate the cost of goods sold if LIFO is used.
Calculate the dollar ending inventory if weighted average is used.
According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.
Discuss the consequences of selecting one method instead of others.

due 11pm eastern time

All Rights Reserved, usbestwriters.com
Disclaimer: You will use the product (paper) for legal purposes only and you are not authorized to plagiarize. In addition, neither our website nor any of its affiliates and/or partners shall be liable for any unethical, inappropriate, illegal, or otherwise wrongful use of the Products and/or other written material received from the Website. This includes plagiarism, lawsuits, poor grading, expulsion, academic probation, loss of scholarships / awards / grants/ prizes / titles / positions, failure, suspension, or any other disciplinary or legal actions. Purchasers of Products from the Website are solely responsible for any and all disciplinary actions arising from the improper, unethical, and/or illegal use of such Products.