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Figure out how to calculate ending inventory (costs assigned to ending inventory and COGS) Also COGS (gross profit) using LIFO periodic inventory system.

Figure out how to calculate ending inventory (costs assigned to ending inventory and COGS) Also COGS (gross profit) using LIFO periodic inventory system.

Jan1/ Beginning inventory 160 @2= 320

Jan3 sales 110 units @$8

Feb14 purchase 246 units @ $3 = 738

Feb15 Sales 180 units @ $8

Jun30 purchase 210 units @ $4 = $840

Nov6 Sales 158 units @ 8

Nov19 Purchase 68units @ $5 = $340

total 684 units $2,238 448 units

  

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ekkarill92 answered 2 years ago
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