Question
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.34 Purchases: September 8 450
Shellhammer Company's inventory records show the following data for the month of September:
| Units | Unit Cost | |||||||
| Inventory, | September 1 | 100 | $3.34 | |||||
| Purchases: | September 8 | 450 | 3.50 | |||||
| September 18 | 350 | 3.70 | ||||||
A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.
| Ending inventory | $ | ||
| Cost of goods sold | $ |
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Financial Accounting
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield
10th Edition
073036321X, 978-0730363217
