Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year
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Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below:
January 1 | Beginning inventory | 1,100 | units @ $ 7.25 | $ 7,975 |
---|---|---|---|---|
February 7 | Purchase | 1,450 | units @ $ 7.50 | 10,875 |
July 10 | Purchase | 1,600 | units @ $ 8.00 | 12,800 |
November 25 | Purchase | 1,000 | units @ $ 8.50 | 8,500 |
Total | 5,150 | $ 40,150 |
At December 31 the ending inventory consisted of 1,500 units.
Compute the cost of goods sold for the current year based on the LIFO method of inventory valuation
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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