During the month of September, Misha's Crystal Ball, Inc. made the following merchandise purchases and sales:

 

There was no beginning inventory.

Required (be sure to show your work):

a) Using the LIFO periodic inventory method, what would be the dollar value of the COGS?

b) Using the LIFO periodic inventory method, what be the dollar value of the ending inventory?

Transcribed Image Text:

Sept 1 purchased Sept 7 purchased Sept 10 sold Sept 18 purchased Sept 24 sold 500 350 290 450 425 units at units at units at units at units at $16 each $18 each $55 each $20 each $55 each Sept 1 purchased Sept 7 purchased Sept 10 sold Sept 18 purchased Sept 24 sold 500 350 290 450 425 units at units at units at units at units at $16 each $18 each $55 each $20 each $55 each

Answer rating: 100% (QA)

a To calculate the dollar value of the Cost of Goods Sold COGS using the LIFO periodic inventory met... View the full answer