# Refer to the data in PE 7-15. Determine (1) The cost of goods

Refer to the data in PE 7-15. Determine

(1) The cost of goods sold for the month and

(2) The ending inventory balance for October 31 using the LIFO cost flow assumption.

Data from PE 7-15

Pearcy Company reports the following activity during October related to its inventory of cameras:
Oct. 1 Beginning inventory consisted of 8 cameras costing \$100 each.
3 Purchased 12 cameras costing \$110 each.
14 Purchased 7 cameras costing \$115 each.
20 Purchased 15 cameras costing \$125 each.
29 Sold 26 cameras for \$150 each.
The 26 cameras sold on October 29 consisted of the following: 4 cameras from the beginning inventory, 5 cameras purchased on October 3, 3 cameras purchased on October 14, and 14 cameras purchased on October 20. Determine (1) the cost of goods sold for the month and (2) the ending inventory balance for October 31 using the specific identification cost flow assumption

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...