Calvin Clients Limited reported the inventory and cost of goods sold using the LIFO valuation method...

Calvin Clients Limited reported the inventory and cost of goods sold using the LIFO valuation method (perpetual) . The following table shows the details of purchases and sales for the year 2010. Assume that in each month the purchases happen at the start of the month and sales happened at the end of the month.

Month	Units purchased	Units sold	Coat per unit	Price per unit
January	50	0	100	150
March	100	25	110	150
May	0	60	n/a	175
June	125	0	125	175
July	120	0	150	180
October	0	80	n/a	200
December	0	60	n/a	225

The cost of goods sold for the company is $

Expert Solution

Under LIFO method,
Goods purchased last will be treated as sold first.

140 units are sold at the end of October and December, the COGS will be
computed from the units purchased in July and June respectively.

COGS of 140 units = (120150) + (20125)
= $18000 + $2500
= $20500

85 units are sold at the end of March and May, the COGS will be computed
from the units purchased in March beginning.

COGS of 85 units = 85*110
= $9350

Therefore,
Total COGS = $20500 + $9350
= $29850

ekkarill92 answered 2 years ago

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Calvin Clients Limited reported the inventory and cost of goods sold using the LIFO valuation method...

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