10.6 Based on the following in formation i n a risi ng price ma rket, determi ne (a) end ing…

10.6       Based on the following in formation i n a risi ng price ma rket, determi ne (a) end ing  inven­ tory of 260 un its u nder LIFO and ( b) the cost of goods sold.

 

Begi nn ing inventory          100 un its $  5 =  $  500 Ma r. 30 Purchase      100 units                                       6 =                600

Sept.  30  Pu rchase             100 u nits      8  =       800

Nov. 30 Purchase               100 u nits      9 =       900

Dec.  30 Pu rchase              100 un its    12 =    1,200

500 units               $4,000

 

 

 

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