Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a perpetual inventory system.) Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = FIFO method cost of goods sold = FIFO method ending inventory =.

1. Requirement 1. Determine the amounts that
Woody's
should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO.
(Woody's
uses a perpetual inventory system.)
Start by determining the amounts that
Woody's
should report for cost of goods sold and ending inventory under a. FIFO.
FIFO method cost of goods sold =
FIFO method ending inventory =
FIFO method cost of goods sold =
FIFO method ending inventory =