Given the following data, calculate the cost of goods sold using the LIFO costing method assuming...

Given the following data, calculate the cost of goods sold using the LIFO costing method assuming that periodic inventory records are kept in dollars.

Date	Item	Unit
1/1	Beginning inventory	5 units at $22 per unit
3/18	Purchase of inventory	11 units at $24 per unit
6/20	Purchase of inventory	9 units at $27 per unit
9/27	Purchase of inventory	28 units at $28 per unit
11/27	Purchase of inventory	28 units at $29 per unit
12/31	Ending inventory	18 units

$1,785.

$522

$1,691.

$428

$1,386

None of the above.

Solutions

Expert Solution

Correct answer---none of the above

Correct amount of Cost of goods sold is $1791 as calculated below

	Units	Cost per unit	value
Beginning Inventory	5	$ 22.00	$ 110.00
Purchases
18-Mar	11	$ 24.00	$ 264.00
20-Jun	9	$ 27.00	$ 243.00
27-Sep	28	$ 28.00	$ 784.00
27-Nov	28	$ 29.00	$ 812.00

	81		$ 2,213.00

LIFO
Total Units Available for sale		81
Units Sold		63
Ending Inventory Units		18

Valuation
Ending Inventory	5	@	$ 22.00	$ 110.00
	13	@	$ 24.00	$ 312.00
Value Of Ending Inventory				$ 422.00

Cost of Goods sold	(2213-422)			$ 1,791.00

ekkarill92 answered 1 year ago

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Given the following​ data, calculate the cost of goods sold using the LIFO costing method assuming...

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