Homework Answers
Cost of goods sold for 15 units = $318
Working
| LIFO | ||||
| Total Units Available for sale | 28 | |||
| Units Sold | 15 | |||
| Closing Stock in Units | 13 | |||
| Valuation | ||||
| Ending Inventory | 6 | @ | $ 18.00 | $ 108 |
| 7 | @ | $ 20.00 | $ 140 | |
| Value Of Ending Inventory | $ 248 | |||
| Cost of Goods sold | 566 minus 248 | $ 318 | ||
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