Different methods of inventory costing give different cost of inventory (cost of sales) used to calculate gross profit as well as closing inventory. Regardless of the method used the ending inventory remains constant (900 units). However, the value of the inventory is varying with the inventory costing method adopted. To start with, the value for perpetual FIFO (first in first out) is $ 52425.00 meaning the value of one unit is $ 58.45. Secondly, the value for perpetual LIFO (last in first out) is $ 47887.50 meaning the value of one unit is $ 53.2. Thirdly, the value of the periodic average ...
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