Phillips Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory. 320 $36 Purchase: April 6 580 39 Sale: May 4 450 Purchase: July 19 400 40 Sale: September 9 500 Purchase: October 10 230 44 Phillips uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold

Phillips Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory. 320 $36 Purchase: April 6 580 39 Sale: May 4 450 Purchase: July 19 400 40 Sale: September 9 500 Purchase: October 10 230 44 Phillips uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 9PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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