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SPK Industries uses the LIFO inventory costing system, use the following information to calculate the COGS...

SPK Industries uses the LIFO inventory costing system, use the following information to calculate the COGS if they sold 50 units in July.

Date Purchases Price per Unit
6/15 30 units $120
6/30 40 units $130
7/15 20 units $150

Solutions

Expert Solution

LIFO inventory costing system -

Last in-First out as the name suggest in this inventory costing method product last purchased issued first for sale.

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 2 years ago
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