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Inventory Costing: LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased
Inventory Costing: LIFO
Bordeaux Company has the following information related to purchases and sales of one of its inventory items:
Date | Description | Units Purchased at Cost | Units Sold at Retail | |
June 1 | Beginning Inventory | 150 units @ $10 = $1,500 | ||
9 | Purchase 1 | 200 units @ $12 = $2,400 | ||
14 | Sale 1 | 300 units @ $25 | ||
22 | Purchase 2 | 250 units @ $14 = $3,500 | ||
29 | Sale 2 | 225 units @ $25 |
Assume that Bordeaux uses a perpetual inventory system.
Required:
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
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