Question
WellSurf Ltd sells one type of surfboard and has the following inventory transactions for the half year ending 31 December 2020: Units Price/unit Total Opening
WellSurf Ltd sells one type of surfboard and has the following inventory transactions for the half year ending 31 December 2020:
|
| Units | Price/unit | Total |
| Opening inventory at 1 July 2020 | 500 | $250 | $125,000 |
| Purchases on 1 August 2020 | 1000 | $260 | $260,000 |
| Purchases on 15 October 2020 | 500 | $290 | $145,000 |
| Purchases on 20 December 2020 | 900 | $300 | $270,000 |
| Total | 2900 |
| $800,000 |
During the year, WellSurf Ltd sells 2500 surfboards. The company uses the periodic system to manage inventory. What is the cost of goods sold amount using the LIFO method?
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Accounting And Finance
Authors: Michael J. Jones
1st Edition
1118932072, 9781118932070
