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.

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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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