Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began with $ in inventory of its only product. The beginning inventory consisted of the following layers:
units at $ per unit $
units at $ per unit
Total $
During units were purchased at $ per unit and during units were purchased at $ per unit. Sales, in units, were and during and respectively.
Required:
Calculate cost of goods sold for and
Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for and
Required : Calculate cost of goods sold for and
Cost of goods sold
:
:
Required : Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for and
LIFO liquidation beforetax
: $ Profitloss
: $ profitloss
