Question
Kingbird Company uses a periodic inventory system. For April, when the company sold420units, the following information is available. Units Unit Cost Total Cost April 1
Kingbird Company uses a periodic inventory system. For April, when the company sold420units, the following information is available.
Units
Unit Cost
Total Cost
April 1 inventory240$13$3,120April 15 purchase440167,040April 23 purchase320
175,440
1,000
$15,600
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Ending inventory$
Cost of goods sold$
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
