Question

Shown below is activity for one of the products of Made in a Shop:

January 1 balance, 610 units @ $55 $33,550
Purchases:
January 10:	610 units @ $60
January 20:	1,030 units @ $65
Sales:
January 12:	1,000 units
January 28:	750 units

Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming shop uses LIFO periodic inventory system.

Answer 1

Requirement:- Compute the January 31 ending inventory and cost of goods sold for January, assuming shop uses LIFO periodic inventory system.

Solution:-

Calculation of Cost of goods sold and Ending Inventory

Thank you!!