Question
Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. Units Unit Cost Total Cost
Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available.
| Units | Unit Cost | Total Cost | ||||||
|---|---|---|---|---|---|---|---|---|
| April 1 inventory | 310 | $20 | $ 6,200 | |||||
| April 15 purchase | 390 | 24 | 9,360 | |||||
| April 23 purchase | 300 | 26 | 7,800 | |||||
| 1,000 | $23,360 | |||||||
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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Measurement And Internal Audit Operations
Authors: Andrew Fight
1st Edition
184112401X, 978-1841124018
