Aiello, Inc. had the following inventory in fiscal 2016. Beginning Inventory, January 1, 2016: 130 units...

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Finance

Aiello, Inc. had the following inventory in fiscal 2016.

Beginning Inventory, January 1, 2016: 130 units @ $15.00
Purchase 200 units @ $18.00
Purchase 50 units @ $13.50
Purchase 110 units @ $15.75

Total units sold during the month is 370.

a) Compute the company’s cost of goods sold and ending inventoryfor fiscal 2016 assuming the company used FIFO

b) Compute the company’s cost of goods sold and ending inventoryfor fiscal 2016 assuming the company used LIFO methods ofaccounting for inventory

c) Calculate the LIFO reserve that would be reported in thecompany's books if using LIFO.

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Answer aCost of goods sold 6090Ending See Answer

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Aiello, Inc. had the following inventory in fiscal 2016.Beginning Inventory, January 1, 2016: 130 units @ $15.00Purchase 200 units @ $18.00Purchase 50 units @ $13.50Purchase 110 units @ $15.75Total units sold during the month is 370.a) Compute the company’s cost of goods sold and ending inventoryfor fiscal 2016 assuming the company used FIFOb) Compute the company’s cost of goods sold and ending inventoryfor fiscal 2016 assuming the company used LIFO methods ofaccounting for inventoryc) Calculate the LIFO reserve that would be reported in thecompany's books if using LIFO.