Homework Answers
| Cost of Merchandise sold on 21st October | $3120 | (80 units*$ 39) | |||
| Inventory On October, 31 | $ 1180 | ($ 4300-3120) | |||
Explanation:
| Inventory in the beginning | 86 units | (86 units * $ 35) | |
| Less : Sold on 5th October | 69 units | ||
| Remianing Units | 17 units | ||
| Cost of inventory | 595 | ( 17 units*$ 35) | |
| Add: purchase on 11th October | 3705 | (95 units*$ 39) | |
| Total cost of inventory | 4300 | ||
Under LIFO method of inventory calculations units that have been last in will be first sold out. So, units that are sold on 21st october will be sold from the inventory purchased on 11th October
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