4. On 1 February 2023, Company 4 had 50 units in inventory costing $26 each. During...

Transcribed Image Text:

4. On 1 February 2023, Company 4 had 50 units in inventory costing $26 each. During the month, the following transactions occurred: Date Buy/sell Units Price 2.2.23 Buy 74 $29 11.2.23 Sell 93 $61 13.2.23 Buy 65 $33 17.2.23 Buy 68 $27 25.2.23 Sell 100 $56 What is the: (i) (ii) value of inventory at 28.2.23 and, the cost of goods sold (COGS) for the month of February 2023 using the LIFO basis of accounting? Inventory COGS $ $ ABCD A 1,895 5,532 1,856 5,571 1,706 5,721 1,878 5,549 4. On 1 February 2023, Company 4 had 50 units in inventory costing $26 each. During the month, the following transactions occurred: Date Buy/sell Units Price 2.2.23 Buy 74 $29 11.2.23 Sell 93 $61 13.2.23 Buy 65 $33 17.2.23 Buy 68 $27 25.2.23 Sell 100 $56 What is the: (i) (ii) value of inventory at 28.2.23 and, the cost of goods sold (COGS) for the month of February 2023 using the LIFO basis of accounting? Inventory COGS $ $ ABCD A 1,895 5,532 1,856 5,571 1,706 5,721 1,878 5,549