hey all,
Don't suppose anyone could help me out with this accounting problem? If you're only given ending inventory and COGS expense balances for a certain year under FIFO/LIFO/average cost, how would you go about determining which one gives the highest/lowest profit? (This is one of the questions in the textbook btw.) You aren't given amount of sales or sales price so I have no idea what to do...it's probably some common sense answer...
Thanks
Don't suppose anyone could help me out with this accounting problem? If you're only given ending inventory and COGS expense balances for a certain year under FIFO/LIFO/average cost, how would you go about determining which one gives the highest/lowest profit? (This is one of the questions in the textbook btw.) You aren't given amount of sales or sales price so I have no idea what to do...it's probably some common sense answer...
Thanks