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January 1 balance, 540 units @ $50 $27,000 Purchases: January 10: 540 units @ $55 January 20: 1,020 units @ $56 Sales: January 12: 910
| January 1 balance, 540 units @ $50 $27,000 | |
| Purchases: | |
| January 10: | 540 units @ $55 |
| January 20: | 1,020 units @ $56 |
| Sales: | |
| January 12: | 910 units |
| January 28: | 790 units |
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming shop uses LIFO periodic inventory system.
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Advanced Accounting
Authors: Debra C. Jeter, Paul Chaney
5th Edition
978-1118098615
