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   $

Question

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  
$
 

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