Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below...
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Accounting
Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below are inventory purchases and sales including costs. Using this information calculate both the ENDING INVENTORY balance on the Balance Sheet and the COGS on the Income Statement using LIFO.
January 01: no beginning inventory
January 02: Purchase inventory: 100 items for $100 each
January 24: Purchase inventory: 100 items for $200 each
March 02: Sold inventory: 50 items
March 16: Purchase inventory: 100 items for $300 each
March 30: Sold inventory: 150 items
Question 24 options:
Ending Inventory: $50,000; COGS: $10,000
Ending Inventory: $21,000; COGS: $39,000
Ending Inventory: $10,000; COGS: $50,000
Ending Inventory: $39,000; COGS: $21,000
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