Total Cost, accounting assignment help
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption.
|
Sales |
99 units at $19 per unit |
|
Beginning inventory |
86 units at $12 per unit |
|
Purchases |
59 units at $10 per unit |
Calculate the cost of goods sold using the LIFO periodic cost flow assumption.
|
Units |
x |
Cost per Unit |
= |
Total Cost |
|
|
Units from beginning inventory |
x |
= |
|||
|
Units from purchase |
x |
= |
|||
|
Cost of Goods Sold – LIFO method |
Calculate the cost of the ending inventory using the LIFO periodic cost flow assumption. (Enter 0’s for any layers where there were no units sold.)
|
Units |
x |
Cost per Unit |
= |
Total Cost |
|
|
Units from beginning inventory |
x |
= |
|||
|
Units from purchase |
x |
= |
|||
|
Ending Inventory – LIFO method |
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