Need Help!!!!!!!!!!!!!!!!!!!!!!!!!!

| August 14, 2017

Calculate the cost of goods sold and ending
inventory of the Summertime Corporation, using the FIFO and LIFO methods, using
the following information:

Beginning Inventory 5 units @ $2
January 5th 7 units @ $3
January 15th 9 units @ $5
Assume 8 units left in ending inventory.
Show all work and label the Cost of Goods
Sold and Ending Inventory calculations well, labeling the method used for each
calculation. There should be 4 final
answers, worth 5 pts each. Thanks!

Expand the Word Document for your answers
to fit or use separate sheets.

2. During periods of rising prices, which
method will always yield the higher cost of goods sold and explain, in detail,
why. Also, why would some managers want
to use this method?

3. Which method will always yield the more
current ending inventory? Explain in
detail, why. Explain what ‘the more
current ending inventory’ means, too.

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