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Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $ 160 April 1 60 7 420 June 1 50
Given the following:
Number purchased | Cost per unit | Total | ||||
January 1 inventory | 40 | $ | 4 | $ | 160 | |
April 1 | 60 | 7 | 420 | |||
June 1 | 50 | 8 | 400 | |||
November 1 | 55 | 9 | 495 | |||
205 | $ | 1,475 | ||||
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).
Cost of ending inventory $
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).
Cost of goods sold $
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