Domino Co. has the following data related to an item of inventory: Beginning Inventory, March...
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Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1 - 100 units @ $2.10 Purchase, March 7 - 350 @ $2.20 Purchase, March 16 - 70 @ $2.25 Ending Inventory, March 31 - 130 The value assigned to cost of goods sold if Domino uses FIFO is The value assigned to ending inventory if Domino uses LIFO is
Can anyone please explain the steps and thinking order to get the answers? I know the answers but still don't understand.
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