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Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost 60 $ 52 140 54 210

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Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost 60 $ 52 140 54 210 57 120 58 530 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale 0 Cost per # of units Cost per Cost of Goods Sold Cost # of units Ending per unit Inventory unit S Beginning Inventory Purchases nr 7 O search o F10 512 5 6 7 8 9 R

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