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Using LIFO, calculate ending inventory and cost of goods sold at October 31. Date Transactions Units Cost per Unit Total Cost October 1 Beginning inventory
Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Date | Transactions | Units | Cost per Unit | Total Cost |
October 1 | Beginning inventory | 6 | $710 | $ 4,260 |
October 4 | Sale | 4 | ||
October 10 | Purchase | 5 | 720 | 3,600 |
October 13 | Sale | 3 | ||
October 20 | Purchase | 4 | 730 | 2,920 |
October 28 | Sale | 7 | ||
October 30 | Purchase | 7 | 740 | 5,180 |
$15,960 | ||||
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