Question

In: Accounting

Calculating LIFO Inventory Values The Mann Corporation began operations in 2015. Information relating to the company’s...

Calculating LIFO Inventory Values

The Mann Corporation began operations in 2015. Information relating to the company’s purchases of inventory and sales of products for 2015 and 2016 is presented below.

2015
February 1 Purchase 200 units @ $10 per unit
May 1 Sold 120 units @ $25 per unit
August 1 Purchase 100 units @ $14 per unit
October 1 Sold 130 units @ $25 per unit
2016
February 1 Purchase 100 units @ $16 per unit
May 1 Sold 80 units @ $30 per unit
August 1 Purchase 100 units @ $18 per unit
October 1 Sold 100 units @ $35 per unit

Calculate the LIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the peri- odic method and (b) the perpetual method.

a. LIFO Periodic. Round to nearest whole number.

2015
Cost of goods sold $Answer
Ending inventory $Answer
2016
Cost of goods sold $Answer
Ending inventory $Answer

b. LIFO Perpetual. Round to nearest whole number.

2015
Cost of goods sold $Answer
Ending inventory $Answer
2016
Cost of goods sold $Answer
Ending inventory $Answer

Solutions

Expert Solution

Answer a.

Answer b.


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