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QUESTION 6 Compute the ending LIFO inventory and cost of goods sold assuming: $433,121 in sales Purchases of 1200 units @ $11

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Answer #1
Qty rate Amt
Purchase 1200 115 138000
Purchase 890 97 86330
Purchase 450 63 28350
Purchase 200 74 14800
2740 267480
ending inventory 992
Unit sold = 1748
Ending LIFO inventory value 158176
=1200*115+208*97
Cost of goods sold 109304
267480-158176
COGS as % of sales 25.24%
109304/433121
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