ACCOUNTING QUESTIONS

Question

anonymous · Answer

attachment

anonymous · Answer

@juanitam

anonymous · Answer

i feel like i know how to do this but so far i have not been getting correct answers

anonymous · Answer

i have the ending inventories for LIFO & FIFO for the first problem (link 1)

anonymous · Answer

@Callisto you there?

callisto · Answer

when i was in the half way, i realised that i don't know what  LIFO & FIFO are.. Sorry can't help :(

anonymous · Answer

FIFO=First in, first out
LIFO=Last in, first out
when it comes to inventory

callisto · Answer

what are the things that you don't understand?

anonymous · Answer

cant seem to get the cost of goods sold for LIFO & FIFO in the first link

callisto · Answer

cost of goods sold = opening inventory + purchase - Closing inventory

callisto · Answer

the different answer is because of the difference in closing inventory

anonymous · Answer

i think i figured it out

callisto · Answer

great! sorry that i couldn't help :(

anonymous · Answer

it's ok. accounting is complicated. i'm only taking it because it's required.

callisto · Answer

i took it because someone persuaded me to :(

anonymous · Answer

if i wasn't required to take it, i would NEVER take it. EVER. haha