Total Cost, accounting assignment help
Total Cost, accounting assignment help
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption.
Sales |
99 units at $19 per unit |
Beginning inventory |
86 units at $12 per unit |
Purchases |
59 units at $10 per unit |
Calculate the cost of goods sold using the LIFO periodic cost flow assumption.
Units |
x |
Cost per Unit |
= |
Total Cost |
|
Units from beginning inventory |
x |
= |
|||
Units from purchase |
x |
= |
|||
Cost of Goods Sold – LIFO method |
Calculate the cost of the ending inventory using the LIFO periodic cost flow assumption. (Enter 0’s for any layers where there were no units sold.)
Units |
x |
Cost per Unit |
= |
Total Cost |
|
Units from beginning inventory |
x |
= |
|||
Units from purchase |
x |
= |
|||
Ending Inventory – LIFO method |