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Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products for 2018 and 2019 is presented below.

Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products for 2018 and 2019 is presented below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E6.14 Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products for 2018 and 2019 is presented below. TA 2 2018 February 1 May 1 August 1. October 1 Purchase 220 units @ $12 per unit Sold Purchase Sold 120 units $25 per unit 100 units $15 per unit 130 units $25 per unit 2019 February 1 May 1 August 1 October 1 70 units $16 per unit 80 units e $30 per unit 100 units e $18 per unit 90 units $35 per unit Purchase Sold Purchase Sold Calculate the LIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the peri- odic method and (b) the perpetual method.
Transcribed Image Text:E6.14 Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products for 2018 and 2019 is presented below. TA 2 2018 February 1 May 1 August 1. October 1 Purchase 220 units @ $12 per unit Sold Purchase Sold 120 units $25 per unit 100 units $15 per unit 130 units $25 per unit 2019 February 1 May 1 August 1 October 1 70 units $16 per unit 80 units e $30 per unit 100 units e $18 per unit 90 units $35 per unit Purchase Sold Purchase Sold Calculate the LIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the peri- odic method and (b) the perpetual method.
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