### Inventory and Overload Homework (Ch. 18)#### Question 6:From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 57 units.*(Round your answers to the nearest cent.)*| Date | Units | Unit cost ||---------------|-------|-----------|| Beginning inventory | 3 | $3.20 || January 1 | 18 | $3.80 || April 16 | 11 | $3.30 || July 22 | 19 | $3.60 || August 19 | 12 | $4.80 || November 10 | 21 | $5.00 || December 15 | 17 | $5.60 |- **Cost of ending inventory**: [Input field]- **Cost of goods sold**: [Input field](Note: Provide the calculated values.)### Instructions for Calculation:To calculate the:1. **Cost of Ending Inventory**: - Utilize the Last-In, First-Out (LIFO) method to identify the cost for the ending inventory. Start by removing the cost from the most recent purchases until the total units required for the ending inventory is met.2. **Cost of Goods Sold (COGS)**: - Again, using LIFO, sum up the costs of the units sold, starting from the oldest inventory purchases.Note: The detailed breakdown for the LIFO calculation can include which purchases are considered for the ending inventory vs. which ones are calculated as sold, ensuring accuracy in your cost determination.

LIFO Method - Under FIFO Method of Inventory valuation inventory purchased latest will be sold first…

From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 57 units. (Round your answers to the nearest cent.) Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 17 21 31 17 Unit cost $ 2.80 3.30 3.80 4.05 4.80 5.00 5.20 5.60

From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 57 units. (Round your answers to the nearest cent.) Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 17 21 31 17 Unit cost $ 2.80 3.30 3.80 4.05 4.80 5.00 5.20 5.60

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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