Question - Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom:
|
Transaction
|
Units
|
Cost per unit
|
|
Beginning inventory
|
10
|
$10
|
|
Purchase, day 1
|
5
|
$11
|
|
Sale, day 2
|
6
|
|
|
Purchase, day 3
|
8
|
$12
|
|
Sale, day 4
|
9
|
|
Compute the cost of Goods Sold and Cost of Ending Inventory using the following inventory costing methods: FIFO and LIFO.