Question
The following information for Urbanski Corporation relates to the three months ending June 30, 2018: Units Price per unit Beginning inventory 11,000 $ 10 Purchases
The following information for Urbanski Corporation relates to the three months ending June 30, 2018:
|
| Units | Price per unit | ||||
| Beginning inventory | 11,000 | $ | 10 |
| ||
| Purchases | 75,000 | $ | 16 |
| ||
| Sales | 80,000 | $ | 25 |
| ||
| Ending inventory | 6,000 |
|
|
| ||
Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost an average of $18 per unit.
Compute cost of goods sold and gross profit for the quarter ending June 30, 2018.
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Financial Accounting A Course For All Majors
Authors: David W. OBryan
1st Edition
1617350958, 978-1617350955
