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