Question
The inventory records for Shelton Co. reflect the following: Units Cost/Unit Beginning inventory at May 1 125 $4.00 May 7 purchase 340 $4.50 May 17
The inventory records for Shelton Co. reflect the following:
Units Cost/Unit
Beginning inventory at May 1 125 $4.00
May 7 purchase 340 $4.50
May 17 purchase 500 $4.75
May 23 purchase 150 $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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Horngrens Accounting The Managerial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
013448682X, 978-0134486826
