Vinnie has a small retail store and sells one product. His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000. During the year, Vinnie made the following purchases of the product: March 1 5,000 products at $5 each = $25,000 August 1 1,000 products at $6 each = $6,000 Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year. Calculate the total cost of goods available for sale. Calculate the cost of the ending inventory. Calculate the cost of goods sold.

Vinnie has a small retail store and sells one product. His beginning inventory consisted of 1,000 products at $4 each for a total of $4,000. During the year, Vinnie made the following purchases of the product: March 1 5,000 products at $5 each = $25,000 August 1 1,000 products at $6 each = $6,000 Vinnie uses the LIFO method of inventory valuation and he sells 5,000 products during the current year. Calculate the total cost of goods available for sale. Calculate the cost of the ending inventory. Calculate the cost of goods sold.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter7: Inventory Cost Flow Assumptions (fifolifo)

Section: Chapter Questions

Problem 7R: Del Rio began Rio Enterprises on January 1 with 200 units of inventory. During the year, 500...

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