Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 310 units @ $16 | |
5 | Purchase | 300 units @ $18 | |
10 | Sales | 220 units @ $26 | |
15 | Purchase | 180 units @ $19 | |
24 | Sales | 170 units @ $27 | |
In periodic inventory LIFO, the cost of goods sold and ending inventory is calculated at the end of the accounting period.
Total units available for sale = 310 + 300 + 180 = 790 units
Total units sold = 220 + 170 = 390 units
Ending inventory = Total units available for sale - Total units sold
= 790 – 390
= 400 units
Under the LIFO, latest units acquired become the cost of goods sold and oldest units will remain in inventory and reported as the cost assigned to ending inventory.
Date | Units | Rate | Total cost |
May 1 | 310 | $16 | $4,960 |
May 5 | 90 | $18 | $1,620 |
Total | 400 | $6,580 |
∴ Cost assigned to ending inventory using LIFO = $6,580
Date | Units | Rate | Total cost |
May 1 | 310 | $ 16 | $ 4,960 |
May 5 | 90 | $ 18 | $ 1,620 |
Total | 400 | $ 6,580 |
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