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Britt Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May May 1 10 15
Britt Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May May 1 10 15 18 21 30 Beginning inventory Purchase Sales Purchase Sales Purchase 20 units @ $6 20 units @ $7 12 units 10 units @ $9 18 units 10 units $10 Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May. Cost of goods sold: May 15 Sale units $ Sale May 21 units x units x 5 units Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May. Cost of goods sold: May 15 Sale $ units x 5 May 21 Sale units x 5 units 5 units Ending inventory: units x 5 May 1 units x 5 May 30 units
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