6 Rembrandt Artist Supplies Company had 10 easels in inventory on January 1, 2019 that...
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6 Rembrandt Artist Supplies Company had 10 easels in inventory on January 1, 2019 that cost $10 per easel. On February 1, 2019 it acquired 20 additional easels valued at $12 per easel and acquired an additional 30 easels at $14 an easel on March 1, 2019. On June 1, 2019 Rembrandt made its only sale of easels for the year amounting to 40 easels.
What was the value of Rembrandt's ending inventory and cost of goods sold for the easels at the end of 2019 using the a. average cost, b. FIFO and c. LIFO methods?
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