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Shown below is activity for one of the products of Made in a Shop: January 1 balance, 610 units @ $55 $33,550 Purchases: January 10:
Shown below is activity for one of the products of Made in a Shop:
January 1 balance, 610 units @ $55 $33,550 | |
Purchases: | |
January 10: | 610 units @ $60 |
January 20: | 1,030 units @ $65 |
Sales: | |
January 12: | 1,000 units |
January 28: | 750 units |
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming shop uses LIFO periodic inventory system.
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