Question
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49
Given the following:
| Number purchased | Cost per unit | Total | ||||
| January 1 inventory | 39 | $ | 5 | $ | 195 | |
| April 1 | 59 | 8 | 472 | |||
| June 1 | 49 | 9 | 441 | |||
| November 1 | 54 | 10 | 540 | |||
| 201 | $ | 1,648 | ||||
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units).
Cost of ending inventory $
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units).
Cost of goods sold $
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
