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Cost of Ending Inventory Assignment

Author:
February 21st, 2020

. Using the information below, determine the cost of ending inventory and the cost of goods sold using each of the following inventory costing methods; and note that the company uses periodic inventory system

(a) Last-in-First-out (LIFO) and Jan 1 Beginning Inventory 130 units at $11 per unit Jan 5 Purchased merchandise 110 units at $15 per unit Jan 7 Sold 150 units at $25 per unit Jan 10 Purchased merchandise 305 units at $18 per unit Jan 14 Purchased merchandise 75 units at $20 per unit Jan 17 Sold 428 units at $30 per unit Jan 25 Purchased merchandise 129 units at $22 per unit Jan 28 Sold 143 units at $35 per unit. .

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