Question
Beginning inventory 3,000 units $41 per unit Purchase #1 4,200 units &
Beginning inventory 3,000 units $41 per unit
Purchase #1 4,200 units $38 per unit
Purchase #2 3,900 units $36 per unit
Ending inventory 2,800 units
a) Compute cost of goods available for sale.
b)Compute Cost of Goods Sold under FIFO.
c) Compute Ending Inventory under LIFO.
Homework Answers
Answer #1
a)
b)
Answer:Cost of goods sold under FIFO = $322,200.
c) Ending inventory under LIFO = 2,800 x $41 = $114,800.
b)
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