Question

Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.

		Units		Unit Cost		Total Cost
April 1 inventory		300		$33			$ 9,900
April 15 purchase		440		40			17,600
April 23 purchase		260		43			11,180
		1,000					$38,680

Compute the April 30 inventory and the April cost of goods sold using the LIFO method.

Ending inventory		$enter a dollar amount
Cost of goods sold		$enter a dollar amount

Answer 1

• LIFO Periodic Method

Ending Inventory = $ 15,900
Cost of Goods Sold = $ 22,780

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	300	$                33.00	$                        9,900.00	0	$               33.00	$                              -	300	$                 33.00	$            9,900.00
Purchases:	0	$                       -	$                                     -
15-Apr	440	$                40.00	$                      17,600.00	290	$               40.00	$               11,600.00	150	$                 40.00	$            6,000.00
23-Apr	260	$                43.00	$                      11,180.00	260	$               43.00	$               11,180.00	0	$                 43.00	$                         -
TOTAL	1000		$                      38,680.00	550		$               22,780.00	450		$          15,900.00