Question

Sales during the year were 500 units. Beginning inventory was 250 units at a cost of...

Sales during the year were 500 units. Beginning inventory was 250 units at a cost of $5 per unit. Purchase 1 was 400 units at $6 per unit. Purchase 2 was 200 units at $7 per unit.

Cost of goods sold under the LIFO cost flow assumption (using a periodic inventory system) was:

$1850

$3200

$2750

$3800

Homework Answers

Answer #1

Correct answer-----------$3,200

Working

LIFO
Total Units Avalable for sale 850
Units Sold 500
Closing Stock in Units 350
Valuation
Ending Inventory 250 @ $               5.00 $ 1,250
100 @ $               6.00 $ 600
Value Of Ending Inventory $              1,850
Cost of Goods sold (5050-1850) $              3,200
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