Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost Cost Cost of Goods Available # of units Cost of Goods Sold # of units in ending inventory Ending Inventory # of units per unit per unit per unit sold Beginning Inventory 20,000 $ 25 $ 500,000 $ 25 $ 25 Purchases 80,000 30 2,400,000 $ 30 $ 30 Total 100,000 $ 2,900,000
Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost Cost Cost of Goods Available # of units Cost of Goods Sold # of units in ending inventory Ending Inventory # of units per unit per unit per unit sold Beginning Inventory 20,000 $ 25 $ 500,000 $ 25 $ 25 Purchases 80,000 30 2,400,000 $ 30 $ 30 Total 100,000 $ 2,900,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500,000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2021.
Calculate the December 31, 2021, ending inventory and cost of goods sold for 2021 based on a periodic inventory system.
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