The following information is available for Water Inc. Date Units Unit Cost January 1 (beginning inventory) 280 $50.00 Purchases: January 10 210 52.00 January 15 420 52.50 January 30 280. 55.00 The company maintains a periodic inventory system. A physical inventory count shows 350 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the LIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 19,720 x 0x
The following information is available for Water Inc. Date Units Unit Cost January 1 (beginning inventory) 280 $50.00 Purchases: January 10 210 52.00 January 15 420 52.50 January 30 280. 55.00 The company maintains a periodic inventory system. A physical inventory count shows 350 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the LIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 19,720 x 0x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO
The following information is available for Water Inc.
Units Unit Cost
280
$50.00
210
52.00
420
52.50
280
55.00
Date
January 1 (beginning inventory)
Purchases: January 10
January 15
January 30
The company maintains a periodic inventory system. A physical inventory count shows 350 units in
stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for
January, using the LIFO inventory method?
• Note: Round your final answers below to the nearest whole dollar.
Use your rounded ending inventory answer to compută part b. cost of goods sold.
a. Ending inventory on January 31 $
b. Cost of goods sold for January $
19,720 x
0x
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