Use the following inventory table to find the cost of goods sold using the last-in, first-out (LIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 44 $850 $965 February 5 25 $1,770 $2,125 February 9 18 $965 $1,207 March 3 29 $480 $700 Units sold 80 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Use the following inventory table to find the cost of goods sold using the last-in, first-out (LIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 44 $850 $965 February 5 25 $1,770 $2,125 February 9 18 $965 $1,207 March 3 29 $480 $700 Units sold 80 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Use the following inventory table to find the cost of goods sold using the last-in, first-out (LIFO) inventory method.
|
Date of purchase
|
Units purchased
|
Cost per unit
|
Retail price per unit
|
|---|---|---|---|
|
Beginning inventory
|
44
|
$850
|
$965
|
|
February 5
|
25
|
$1,770
|
$2,125
|
|
February 9
|
18
|
$965
|
$1,207
|
|
March 3
|
29
|
$480
|
$700
|
|
Units sold
|
80
|
|
|
Question content area bottom
Part 1
The cost of goods sold is
$enter your response here.
(Type an integer or a decimal.)
Expert Solution
Step 1: Introduction to the question
The inventory table is,
Date of purchase | Units purchased | Cost per unit | Retail price per unit |
|---|---|---|---|
Beginning inventory | 44 | $850 | $965 |
February 5 | 25 | $1,770 | $2,125 |
February 9 | 18 | $965 | $1,207 |
March 3 | 29 | $480 | $700 |
Units sold | 80 |
The last-in, first-out (LIFO) inventory method:
LIFO is where the latest products added to the inventory are sold first. During periods of increasing prices, products with higher costs are sold first, leading to a higher Cost Of Product Sold amount.
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