Question
Given the following: Number purchased Cost per unit Total January 1 inventory 34 $ 4 $ 136 April 1 54 7 378 June 1 44
Given the following:
| Number purchased | Cost per unit | Total | ||||
| January 1 inventory | 34 | $ | 4 | $ | 136 | |
| April 1 | 54 | 7 | 378 | |||
| June 1 | 44 | 8 | 352 | |||
| November 1 | 49 | 9 | 441 | |||
| 181 | $ | 1,307 | ||||
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 55 units).
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 55 units).
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Payroll Accounting 2022
Authors: Bernard J. Bieg, Judith A. Toland
32nd Edition
0357518756, 9780357518755
