From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 52 units. Beginning inventoryand purchasesUnitsUnit costJanuary 15 $2.30 April 1010 2.80 May 1512 3.30 July 2215 3.55 August 1918 4.30 September 3020 4.50 November 1032 4.70 December 1516 5.10 Cost of ending inventory Cost of goods sold

Name: From the following, calculate the cost of ending inventory and cost of
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Description: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 52 units. Beginning inventoryand purchasesUnitsUnit costJanuary 15 $2.30 April 1010 2.80 May 1512 3.30 July 2215 3.55 Augus

Under the LIFO method, goods purchased at last are sold first and the initial purchases constitute…

Answered: From the following, calculate the cost…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 52 units.

Beginning inventory and purchases	Units	Unit cost
January 1	5		$	2.30
April 10	10			2.80
May 15	12			3.30
July 22	15			3.55
August 19	18			4.30
September 30	20			4.50
November 10	32			4.70
December 15	16			5.10


Cost of ending inventory
Cost of goods sold

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