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LIFO Method: Periodic Inventory System Assume the following data with regard to inventory for Vegan Company: Aug. 1 Inventory 40 units @ $10 per unit
LIFO Method: Periodic Inventory System
Assume the following data with regard to inventory for Vegan Company:
Aug. 1 | Inventory | 40 | units @ $10 per unit | $ 400 | ||
8 | Purchase | 50 | units @ $11 per unit | 550 | ||
22 | Purchase | 35 | units @ $12 per unit | 420 | ||
Goods available for sale | 125 | units | $1,370 | |||
Aug. 15 | Sale | 45 | units | |||
28 | Sale | 25 | units | |||
Inventory, Aug. 31 | 55 | units |
Calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the periodic inventory system.
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