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Lee Company had the following inventory information for the year ending December 31: Units Unit Cost Total Beginning Inventory 35 $11 $385 Purchases: March 3
Lee Company had the following inventory information for the year ending December 31: Units Unit Cost Total Beginning Inventory 35 $11 $385 Purchases: March 3 30 9 270 June 15 60 6 360 September 28 35 3 105 Cost of Goods Available for Sale 160 $1.120 On December 31, Lee Company had an ending inventory of 35 units. They use a periodic inventory system to compute the cost of ending inventory. Required: Using LIFO: (a) Compute the cost of ending inventory (b) Compute the cost of goods sold Cost of ending inventory: Cost of goods sold: 0
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