Discuss the importance of the calculation of cash flows from operating, investing, and financing activities required in the statement of cash flows.
The following is record of Restaurant 1313’s purchases and sales of lobsters:
March 2: Purchased 14 lobsters @ $13.50 each
March 16: Purchased 21 lobsters @ $15.00 each
March 31: Sold 30 lobsters during March @ $24.00 each.
Determine the value of Cost of Sales and Ending Inventory for lobsters in March using:
a. First-in, First-out method (FIFO): Cost of Sales = $( ) ; Ending Inventory = $( )
b. Last-in, First-out method (LIFO): Cost of Sales = $( ); Ending Inventory = $( )
c. Weighted average method: Cost of Sales = $( ); Ending Inventory = $( )