Question

Please complete the LIFO information with the information provided. (Not all information provided may be relevant in completing the question).

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40		$2,650

October 2018 transactions related to buying and selling widget inventory

3-Oct Purchased 60 widgets at a cost of $80 per widget on credit

10-Oct Sold 45 widgets at $150 each on credit

20-Oct Purchased 40 widgets at a cost of $85 per widget on credit

24-Oct Sold 35 widgets at $165 each on credit

The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.

		Number of Days Outstanding
	Total	0-30	31-60	61-90	91-120	over 120
Accounts Receivable	$     163,075	$146,768	$     6,523	$     3,262	$     4,892	$     1,631
% Uncollectible		0.02	0.06	0.075	0.08	0.09
Estimated Uncollectible	$         4,109	2,935	391	245	391	147

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650
LIFO
	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Beg inv	15	60	900				15	60	900
	25	70	1,750				25	70	1,750
							40		2,650

Answer 1

Closing Inventory as on 10/31/2018 as per LIFO method is as follows

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650
LIFO
	Purchases			Cost of gods sold			Inventory on hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Beginning inventory	15	60	900
	25	70	1,750
10/03/18	60	80	4,800
10/10/18				45	80	3600
10/20/18	40	85	3400
10/24/18				35	85	2975
Closing inventory							15	60	900
							25	70	1,750
							15	80	1,200
							5	85	425
Total							60		4275