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During 2020. The Y. a nonprofit organization, bought and used containers of pool chemicals as shown in the table below. Under LIFO what was the
During 2020. The Y. a nonprofit organization, bought and used containers of pool chemicals as shown in the table below. Under LIFO what was the Y's pool-chemical expense for the fiscal year 2020? The Y uses the Periodic method of inventory and takes a count of the inventory on 12/31/20. Please show your work in an Excel spreadsheet. Remember that the inventory is calculated for the entire year, not based on bi-annual usage. Units Purchase Units Used Bought Price January 1 50 $100 February 15 90 $80 Used Through June 30 120 August 15 $90 October 30 $80 Used through December 31 160 90 120 Total 350 280
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