A company began January with 6,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows:

Date of Purchase	Purchases
	Units	Unit Cost*Footnote asterisk	Total Cost
January 10	5,000	$ 8	$ 40,000
January 18	6,000	9	54,000
Totals	11,000		$ 94,000

*Footnote asterisk Includes purchase price and cost of freight.

Sales
Date of Sale	Units
January 5	3,000
January 12	2,000
January 20	4,000
Total	9,000

8,000 units were on hand at the end of the month.

2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.

Prev

Question 6 linked to 7 8 and 9 of 11 Total6 7 8 9 of 11

Visit question mapNext