Question
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2024 with $89,000 in inventory of its
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2024 with $89,000 in inventory of its only product. The beginning inventory consisted of the following layers:
| 5,500 units at $6 per unit | $ 33,000 |
|---|---|
| 8,000 units at $7 per unit | 56,000 |
| Total | $ 89,000 |
During 2024, 7,500 units were purchased at $8 per unit and during 2025, 10,000 units were purchased at $9 per unit. Sales, in units, were 10,000 and 18,000 during 2024 and 2025, respectively.
Required:
Calculate cost of goods sold for 2024 and 2025.
Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2024 and 2025.
Complete this question by entering your answers in the tabs below. Calculate cost of goods sold for 2024 and 2025 . Complete this question by entering your answers in the tabs below. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2024 and 2025 Step by Step Solution
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Iso 9000 Quality Systems Auditing
Authors: G. D. Green, Dennis Green
1st Edition
0566079003, 978-0566079009
