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Calculate the ending inventory if the company uses LIFO method March 1 Beginning inventory 1,950 liters at a cost of 60 per liter. March 3
Calculate the ending inventory if the company uses LIFO method
March | 1 | Beginning inventory 1,950 liters at a cost of 60 per liter. | ||
March | 3 | Purchased 2,475 liters at a cost of 65 per liter. | ||
March | 5 | Sold 2,320 liters for $1.10 per liter. | ||
March | 10 | Purchased 3,820 liters at a cost of 72 per liter. | ||
March | 20 | Purchased 2,580 liters at a cost of 80 per liter. | ||
March | 30 | Sold 5,160 liters for $1.25 per liter. |
I got
03/05 COGS -> 2320(.65)= $ 1508
03/30 COGS -> 2580(0.80)+2580(0.72)= $ 3921.6
TOTAL COGS= $ 5429.6
ENDING INVENTORY= 7593.15-5429.6= $ 2163.55
WHY IS THIS WRONG?
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