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Problem 4: 30 minutes, 25 points Rays Company was established on December 1,2021 . The...

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Accounting

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Problem 4: 30 minutes, 25 points Rays Company was established on December 1,2021 . The company uses a Rerpetual inventory system and adjusts its accounts monthly \& eloses once at Doe 31 (All answers are rounded to the The following purchases \& sales nom.... vetermine. The cost of goods sold and the ending inventory under each of the following valuation methods: 1. FIFO (first in first out) 2. LIFO ( last in first out) 3. Weighted average 4. Assume that the physical count at. Dec 31 shows 1,200 units on hand. Determine the inventory shrinkage amount under each of the following assumptions: a. FIFO b. UIFO c. Weighted average

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