Determine the amount that would be reported in ending merchandise inventory on January 15 using the LIFO inventory costing method.

Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.)

 

Homework: Chapter 6 Homework core: 391 of 10 pts Date Jan 2 6 Quantity E6-15 (similar to) Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Flushing. Michigan, location follo (Click the icon to view the purchases and sales.) Read the requiremenis 11 2 Purchases i Unit Cost here on the bookmarks bar. Import bookmarks now... 215 2.80 H Cost of Goods Sold Total Unit Cost Quantity Cost 23.65 5.60 2.15 2.80 Enter any number in the edit fields and then click Check Answer part Total Cost ACCT 2401,1009 Principles of Accounting 6.45 Inventory on Hand Unit Cost Quantity 3 of 9 (2 complete) 11 11 2 2.15 215 2.80 Total Cost 23.65 23.65 5.60 Clear All hp ed-false&cid=430289886a More Info Jan 2 Purchased 11 gallons @ $2 15 eache 6 Purchased 2 gallons @ $2 80 each. 8 Sold 6 gallons of milk to a customer 13 Purchased 3 gallons @ $2.85 each 14 Sold 4 gallons of milk to a customer Print Done