Daniel Company uses a periodic inventory system. Data for 2012: beginning merchandise inventory (December 31, 2011), 2,180 units at $35; purchases, 7,970 units at $37; expenses (excluding income taxes), $193,000; ending inventory per physical count at December 31, 2012, 1,780 units; sales, 8,370 units; sales price per unit, $75; and average income tax rate, 32 percent.
Can someone please show me how to calculate the Ending Inventory's FIFO and LIFO?
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here