At the end of January, Mineral Labs had an inventory of 875 units, which cost $10...
At the end of January, Mineral Labs had an inventory of 875 units, which cost $10 per unit to produce. During February, the company produced 1,400 units at a cost of $14 per unit. a. If the firm sold 1,850 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)
b. If the firm sold 1,850 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)
Homework Answers
a) LIFO
The inventory last entered in the inventory system will the first one to go.
=(1400 * 14) + (450 * 10)
=$24,100
Cost of goods sold as per LIFO =$24,100
b) FIFO
The inventory first entered in the inventory system will the first one to go.
=(875 * 10) + (975 * 14)
=$22,400
Cost of goods sold as per FIFO = $22,400
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