Question
The inventory records for Shelton Co. reflect the following: Beginning inventory at May 1 May 7 purchase May 17 purchase May 23 purchase Units 125
The inventory records for Shelton Co. reflect the following:
Beginning inventory at May 1
May 7 purchase
May 17 purchase
May 23 purchase
Units
125
340
500
150
Cost/Unit
$4.00
$4.50
$4.75
$4.80
Sales on May 31
900
$7.50
Assuming the company uses the LIFO inventory method, determine the following (round to the nearest dollar):
- Sales Revenue
- Cost of Goods Sold
- Gross Profit
- Ending Inventory
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Financial Accounting
Authors: Michael J. Jones
2nd Edition
1119977150, 978-1119977155
