Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160       April 1 60 7 420       June 1 50 8 400       November 1 55 9 495         205             A. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory is:   B.  Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold is:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Given the following:

  Number
purchased
Cost
per unit
Total
January 1 inventory 40 $4 $160      
April 1 60 7 420      
June 1 50 8 400      
November 1 55 9 495      
  205          
 


A. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).

Cost of ending inventory is:

 

B.  Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Cost of goods sold is:

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