Beg. inventory 10 units at $50 1st purchase 20 units at $60 2nd purchase 52 units...
| Beg. inventory | 10 units at $50 | |
| 1st purchase | 20 units at $60 | |
| 2nd purchase | 52 units at $65 | |
| 3rd purchase | 25 units at $63 | |
| 4th purchase | 37 units at $64 |
If Keisy sold107 units of inventory, calculate (show work) ending
inventory and cost of goods sold using the LIFO method?
Homework Answers
Ending inventory = Units available for sale - Units sold
= (10+20+52+25+37) - 107
= 144 - 107 = 37 units
|
Ending inventory = (10*50) + (20*60) * (7*65) = 500 + 1200 + 455 = 2155 |
|
|
Cost of Goods Sold = (37*64) + (25*63) + (45*65) = 2368 + 1575 + 2925 = 6868 |
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