2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold-Periodic LIFO Cost of Goods #of units Cost per sold Cost of Goods Sold unit Available for Sale 56,000 LIFO Beginning Inventory Purchases January 10 January 18 Total of units Cost pet unit 7,000 $8.00 $ 4.000 $9.00 7,000 $10.00 18,000 $ 36,000 70,000 162.000 0 S $ $ 8.00 $ 9.00 10.00 $ 0 0 Ending Inventory Periodic LIFO Cost per # of units in ending inventory Ending Inventory unit 0 $ 8.00 $ S 9.00 $ 10.00 $ 0 0 0
2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold-Periodic LIFO Cost of Goods #of units Cost per sold Cost of Goods Sold unit Available for Sale 56,000 LIFO Beginning Inventory Purchases January 10 January 18 Total of units Cost pet unit 7,000 $8.00 $ 4.000 $9.00 7,000 $10.00 18,000 $ 36,000 70,000 162.000 0 S $ $ 8.00 $ 9.00 10.00 $ 0 0 Ending Inventory Periodic LIFO Cost per # of units in ending inventory Ending Inventory unit 0 $ 8.00 $ S 9.00 $ 10.00 $ 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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