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As of April 1, 2018 company report the following inventory lots LIFO Date Units Cost/Unit 01/21/2016 1500 03/15/2017 1200 03/26/2017 800 71.5 FIFO Date Units
As of April 1, 2018 company report the following inventory lots LIFO Date Units Cost/Unit 01/21/2016 1500 03/15/2017 1200 03/26/2017 800 71.5 FIFO Date Units Cost/Unit 03/15/2017 700 72 03/26/2017 1400 71,5 03/28/2017 1400 70.5 Company reports the following activity during the month ended April 3, 2018 On April 1, they purchase 1.100 units of inventory for $70/unit On April 14, they sell 2,400 units of inventory for $75/unit On April 27. they sell 600 units for $72/unit 1) Calculate the LIFO reserve as of April 1, 2018 2) Calculate the cost of goods under i) LIFO and ii) FIFO for the month ended April 30, 2018 3) Calcualte the LIFO reserve as of April 30, 2018
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