Shandy Shutters has the following inventory information.
15 units @
60 units @
30 units @
45 units @
A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a
periodic inventory system is used. Ending inventory under LIFO is
The answer is $856, you must have a typo error: First you need goods available for sale - in units and in dollars.
The goods add up to 150 and the cost is $1,284 (double check my math). [ You get the cost by multiplying the units x the purchase price and then adding the totals.
So if we spent 1,284 on 150 units then the average cost would be $8.56 per unit. There are 50 units left so ending
inventory would be 50 x 8.56 = $428.
Cost of goods sold is cost of goods available (1,284) less the ending inventory of 428 = 856 source: yahoo ]
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