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E6.14 Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products
E6.14 Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information relat- ing to the company's purchases of inventory and sales of products for 2018 and 2019 is presented below. TA 2 2018 February 1 May 1 August 1 October 1 Purchase 220 units @ $12 per unit Sold 120 units @ $25 per unit Purchase 100 units @ $15 per unit Sold 130 units @ $25 per unit 2019 February 1 Purchase 70 units @ $16 per unit May 1 Sold 80 units @ $30 per unit August 1 Purchase 100 units @ $18 per unit October 1 Sold 90 units @ $35 per unit Calculate the LIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the peri- odic method and (b) the perpetual method
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