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Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions. Date Transaction Tires Cost Total
Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions.
Date | Transaction | Tires | Cost | Total |
Mar 1. | Beginning Inventory | 44 | $ 145.00 | $6,380.00 |
Mar 3. | Purchase | 25 | $ 179.00 | $4,475.00 |
Mar 11. | Purchase | 15 | $ 205.00 | $3,075.00 |
Date | Transaction | Tires | Sales Price | Total |
Mar 30. | Sale | 55 | $ 250.00 | $13,750.00 |
Required:
Calculate the following using the LIFO (Last-in First-out) Inventory Costing Method.
Number of tires sold = 55
1. Cost of Goods Sold:
Number of Tires Sold | Cost | Total |
$ 145.00 | ||
$ 179.00 | ||
$ 205.00 | ||
Total Cost of Goods Sold |
2. Ending Inventory:
Number of Tires in Ending Inventory | Cost | Total |
$ 145.00 | ||
$ 179.00 | ||
$ 205.00 | ||
Total Ending Inventory |
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