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During 2018, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2018: Date Transaction Number of Units Unit
During 2018, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2018: Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 17 $ 60 $ 1,020
Sep. 8 Purchase 14 62 868
31 $ 1,888
Calculate ending inventory and cost of goods sold for 2018 assuming the company uses LIFO with a periodic inventory system.
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