Exercise Algo Calculate inventory amounts when costs are declining LO
During the year, Lenawee Incorporated has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost
January Beginning inventory $ $
March Purchase
June Purchase
November Purchase
$
For the entire year, the company sells units of inventory for $ each.
Required:
a & b Using LIFO, calculate ending inventory and cost of goods sold.
c & d Using LIFO, calculate sales revenue and gross profit.Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
tableLIFOCost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory# of units,tableAverageCost perunittableCost ofGoodsAvailablefor Sale# of units,tableAverageCost perunittableCost ofGoodsSold# of units,tableAverageCostper unittableEndingInventoryBeginning InventoryPurchases:Mar Jun Nov Total
tableSales revenue,Gross profit,
