Question
A company provided the following data regarding beginning inventory and various purchases. During the year, the company sold 800 units. Therefore, 200 units remained
A company provided the following data regarding beginning inventory and various purchases. During the year, the company sold 800 units. Therefore, 200 units remained in inventory at year-end. # of Units Cost per Unit Total Cost January 1 Beginning inventory 100 $10 $1,000 March 15 Purchase 200 $11 $2,200 June 30 Purchase 300 $12 $3,600 September 1 Purchase 400 $13 $5,200 Annual Totals 1,000 $12,000 What is the company's ending inventory and cost of goods sold if it uses LIFO?
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
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