Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160 60 7 420 June 1 50 8 400 November 1 55 9. 495 205 $ 1,475 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160 60 7 420 June 1 50 8 400 November 1 55 9. 495 205 $ 1,475 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Name: Given the following:NumberCostper unit$ 4$purchasedTotalJanuary 1 inv
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Description: Given the following:NumberCostper unit$ 4$purchasedTotalJanuary 1 inventoryApril 140160607420June 150400November 1559495205$ 1,475a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).Cost of ending inventoryb. C

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 31CE: ( Appendix 6B) Inventory Costing Methods: Periodic LIFO Refer to the information for Filimonov Inc....

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( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
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