Question

The following information relates to Ayala Corporationpurshasing activities:

July 1

Balance

500 Units @ $7

August 1

Purshased

300 Units @$9

September 1

Purshased

150 Units @ $10

Assume there are 250 Units at hand at the end of the year

A) Compute the Ending Inventory and COGS assuming Ayala followsIFRS and uses the FIFO method. B) Compute the Ending Inventory andCOGS assuming Ayala follows US GAAP and uses LIFO. C) How will thedifferences between FIFO and LIFO affect Ayala's FinancialStatements?

 

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