Practice Problem: Connect Knowledge Check- Accounting
a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c) Compute the gross margin for FIFO method and LIFO method.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.