Question
Inventory data for Midwest Logistics Company for January 20XX are as follows: January 1 balance 80 units at $25 January 10 purchase 100 units at
Inventory data for Midwest Logistics Company for January 20XX are as follows:
January 1 balance 80 units at $25
January 10 purchase 100 units at $28
January 15 sale 120 units
January 21 purchase 90 units at $32
January 28 sale 130 units
REQUIRED: Using the LIFO cost method, compute ending inventory as of January 31, 20XX and determine cost of goods sold for January. Be sure to show your calculations
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Managerial Accounting
Authors: Kurt Heisinger, Joe Ben Hoyle
2nd edition
1453375723, 1453375724, 978-1453375716
