Question
Use the Table below: Date Particulars Units Unit Cost Selling Price July 1 Beginning inventory 100 $10 July 13 Purchases 500 $13 July 25 Sold
Use the Table below:
| Date | Particulars | Units | Unit Cost | Selling Price |
| July 1 | Beginning inventory | 100 | $10 |
|
| July 13 | Purchases | 500 | $13 |
|
| July 25 | Sold | (200) |
| $15 |
| July 31 | Ending inventory | 400 |
|
Calculate: COGS using LIFO method
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
