Homework Answers
Under the Last in first out (LIFO) method of inventory valuation, Cost of goods sold consists of the units from recent purchases. Ending inventory consists of the units from beginning inventory and earliest purchases.
Ending inventory units = Units available for sale - Units sold
= 404 - 356
= 48
48 units in ending inventory consists of Beginning inventory.
Ending inventory = 48 * $66 = $3,168
Cost of goods sold = Cost of units available for sale - Ending inventory
= $27,886 - $3,168
= $24,718
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