Question: 11. Mapco costs inventory using LIFO cost flow. Here are its 2021 inventory records as of Dec. 31: Units Unit cost Total cost January 1

11. Mapco costs inventory using LIFO cost flow. Here are its 2021 inventory records as of Dec. 31:

Units

Unit cost

Total cost

January 1

Beginning inventory

800

$50.00

March 12

Purchase

1,000

52.50

May 25

Sells 900 units

August 23

Purchase

1,000

55.00

October 15

Sells 1,500 units

November 16

Purchase

1,300

56.00

December 11

Sells 1,000 units

Total

Present the journal entry for Mapco for the sale on October 15 if they use a perpetual system. What is the value of ending inventory on 31 December?

Present the journal entry for Mapco for the sale on October 15 if they use a periodic system. What is the total Cost of Goods Sold for 2021?

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