Given the following: Number purchased Cost per unit Total January 1 inventory 41 $ 5 $ 205 April 1 61 8 488 June 1 51 9 459 November 1 56 10 560 209 $ 1,712 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 62 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 62 units).
Given the following: Number purchased Cost per unit Total January 1 inventory 41 $ 5 $ 205 April 1 61 8 488 June 1 51 9 459 November 1 56 10 560 209 $ 1,712 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 62 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 62 units).
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.2: Determining The Cost Of Merchandise Inventory
Problem 1OYO
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Given the following:
Number purchased |
Cost per unit |
Total | ||||
January 1 inventory | 41 | $ | 5 | $ | 205 | |
April 1 | 61 | 8 | 488 | |||
June 1 | 51 | 9 | 459 | |||
November 1 | 56 | 10 | 560 | |||
209 | $ | 1,712 | ||||
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 62 units).
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 62 units).
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