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2. Coulter Company uses the LIFO inventory method under the periodic inventory system. The following data were available for the month of January, 2010: (20')
2. Coulter Company uses the LIFO inventory method under the periodic inventory system. The following data were available for the month of January, 2010: (20') Cost per Unit $5.00 5.50 Inventory, January 1 Purchase No. 1 Sale No. 1 (sold at $12.00 per unit) Purchase No. 2 Sale No. 2 (sold at $13.00 per unit) Units 200 400 500 700 500 6.00 Compute the following: 1. Beginning inventory 2. Ending inventory 3. Cost of goods available for sale 4. Cost of goods sold 5. Gross margin
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