Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 290 $18 $ 5,220 April 15 purchase 400 22 8,800 April 23 purchase 310 23 7,130 1,000 $21,150 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $
Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available.
|
Units
|
Unit Cost
|
Total Cost
|
||||||
| April 1 inventory | 290 | $18 | $ 5,220 | |||||
| April 15 purchase | 400 | 22 | 8,800 | |||||
| April 23 purchase |
310
|
23 |
7,130
|
|||||
|
1,000
|
$21,150
|
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
| Ending inventory |
$
|
|
| Cost of goods sold |
$
|
Expert Answer
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