A company made the following merchandise purchases and sales during the month of August: ...
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Accounting
A company made the following merchandise purchases and sales during the month of August:
2-Aug
purchased 500
units @
$35 each
4-Aug
purchased 350
units @
$40 each
15-Aug
sold 450
units @
$100 each
19-Aug
purchased 400
units @
$45 each
25-Aug
sold 500
units @
$100 each
29-Aug
purchased 250
units @
$50 each
There was no beginning inventory. If the company uses the last-in, first-out (LIFO) method and the perpetual system, what would be the cost of the ending inventory and the total cost of goods sold?
Date
Goods Purchased
Cost of Goods Sold
Inventory Balance
Total Cost of Goods Sold: ___________
Ending Inventory Balance: __________
Answer & Explanation
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