Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available.
|April 1 inventory||290||$18||$ 5,220|
|April 15 purchase||400||22||8,800|
|April 23 purchase||
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
|Cost of goods sold||
"LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are recorded as sold first. The cost associated with the inventory that was purchased last is the cost expensed first. With LIFO, the cost of inventory reported on the balance sheet represents the cost of the inventory of older purchase.
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