Unformatted text preview: Is this concept the same as ending inventory? How much zinc, in pounds, was "available for sale?" (c) If the beginning inventory cost $1.25 per pound, and purchases during 20X8 cost $1.50 per pound, how much is the "cost of goods available for sale"? (d) In preparing financial statements for 20X8, to what financial statement elements will the amount you calculated in part (c) be allocated? (e) If Egbert uses FIFO, how much should be attributed to ending inventory and how much to cost of goods sold? (f) If Egbert uses LIFO, how much should be attributed to ending inventory and how much to cost of goods sold? (g) What will be the difference in profitability between choosing the FIFO and LIFO methods? Does is seem reasonable the choice of accounting method can change the reported profit?...
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- Spring '11
- Accounting, FIFO and LIFO accounting, Egbert, Elizabeth Egbert