?

Financial Accounting

Free Version

Upgrade subject to access all content

Moderate

LIFO vs FIFO Cost Flow-COGS: Financial Statement Presentation

FINACT-NKWWMS

The following transactions are reported for a merchandising company:

Date Transaction Quantity Unit Cost
March 10 Purchase 100 \$10.00
March 15 Purchase 200 \$10.50
March 23 Sale 150 \$15.00
March 30 Purchase 100 \$11.00

If the company uses the FIFO cost flow assumption, Cost of Goods Sold is 1,525.
If the company changes to the LIFO cost flow assumption , the Cost of Goods Sold