Question

Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.

	LIFO (Periodic) Units Cost per Unit Total Beginning Inventory 45 $10.00 $450 Purchases July 13 225 $13.00 2,925 Goods Available for Sale 270 Cost of Goods Sold Units from Beginning Inventory 45 $10.00 Units from July 13 Purchase 225 $13.00 Total Cost of Goods Sold 3,375 Ending Inventory $3,105 LIFO (Periodic) Sales Cost of Goods Sold Gross Profit

Answer 1

LIFO METHDO - PERIODIC METHOD
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
July.01	Beginning Inventory	45	$             10.00	$                     450				45	$         10.00	$                 450
July.13	Purchases	225	$             13.00	$                  2,925	100	$         13.00	$             1,300	125	$         13.00	$             1,625
	Total Goods Available For sale	270		$                  3,375	100		$             1,300	170		$             2,075
	Answer =
		Units	Amount
	Total Cost of Goods Available for Sales	270	$             3,375
	Total Cost of Goods Sold	100	$             1,300
	Ending Inventory	170	$             2,075