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INVENTORY COSTING METHODS 1) Quickie Grocery acquired the following five bottles of Corporate-Cola soft drink: Date Cost Jan.Last-in, First-out (LIFO) Date Jan. 2 $1.00 Jan.2 - Jan. 10 $2.00 Jan. 10 Jan. 12 $3.00 Jan. 12 Jan. 16 $4.00 Jan. 25 $5.00 T

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Answer #1
Ans. Date Cost
2-Jan $1.00
10-Jan $2.00
12-Jan $3.00
16-Jan $4.00
25-Jan $5.00
Total cost available $15
Ending inventory units = 2 units
Sold units = Total units available - Ending inventory units
5 - 2   = 3 units
*In LIFO method the units that have purchased last, are released (sold) the first one and ending inventory units
remain from the first purchase.
So the units sold will be taken from last two purchase.
Cost of goods sold :
Date Cost
25-Jan $5.00
16-Jan $4.00
12-Jan $3.00
Cost of goods sold $12.00
Ending Inventory   =   Total cost available - Cost of goods sold
$15 - $12
$3.00
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