# Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO...

###### Question:

Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toys Galore store bought and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 units @ $9 each 8 units @$ 22 each 16 units @ $14 each 14 units @$ 22 each Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?

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