Reed Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 390 $34 Purchase: April 6 270 40 Sale: May 4 310 Purchase: July 19 290 41 Sale: September 9 360 Purchase: October 10 150 42 Reed uses the perpetual inventory system and the LIF0 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

Reed Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 390 $34 Purchase: April 6 270 40 Sale: May 4 310 Purchase: July 19 290 41 Sale: September 9 360 Purchase: October 10 150 42 Reed uses the perpetual inventory system and the LIF0 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

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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