Question

Bridgeport Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1

90

$2.85

Purchases:

September 8

460

$3.50

September 18

300

$3.90

A physical inventory on September 30 shows 160 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.

Ending inventory: $ enter a value of ending inventory in dollars

Cost of goods sold: $ enter a cost of goods sold in dollars

Answer 1

Cost of goods available for sale

Date	Units	Unit cost	Total cost
Sept 1	90	2.85	256.5
Sept 8	460	3.50	1,610
Sept 18	300	3.90	1,170
Total	850		$3,036.5

Cost of goods available for sale = $3,036.5

Cost of ending inventory

Date	Units	Unit cost	Total cost
Sept 1	90	2.85	256.5
Sept 8	70	3.50	245
Total	160		$501.5

Cost of ending inventory = $501.5

Cost of goods sold = Cost of goods available for sale - Cost of ending inventory

= 3,036.5 - 501.5

= $2,535

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