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Evans Company had the following information for the year ending December 31: Additional Resources Units Unit Cost Beginning inventory 350 $30 Purchase: April 6 600
Evans Company had the following information for the year ending December 31:
Additional Resources
Units | Unit Cost | ||
Beginning inventory | 350 | $30 | |
Purchase: | April 6 | 600 | 43 |
Sale: | May 4 | 410 | |
Purchase: | July 19 | 240 | 44 |
Sale: | September 9 | 460 | |
Purchase: | October 10 | 190 | 45 |
Evans uses the perpetual inventory system and the LIFO method.
Required:
Using LIFO
(a) Compute the cost of ending inventory.
(b) Compute the cost of goods sold for the year.
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