8) A company uses the periodic inventory system, and the following information is available. All purchases...

 

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8) A company uses the periodic inventory system, and the following information is available. All purchases and sales are on credit. The selling price for the merchandise is $11 per unit. Units Unit Cost $3 4 5 6 6/01 Inventory Balance 6/06 Purchase 6/11 Purchase 6/16 Purchase Goods available Sale Sale Goods sold 6/31 Inventory Balance 6/12 6/20 30 70 45 50 195 100 60 160 35 Total Cost $90 280 225 300 $895 Required: Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method. 8) A company uses the periodic inventory system, and the following information is available. All purchases and sales are on credit. The selling price for the merchandise is $11 per unit. Units Unit Cost $3 4 5 6 6/01 Inventory Balance 6/06 Purchase 6/11 Purchase 6/16 Purchase Goods available Sale Sale Goods sold 6/31 Inventory Balance 6/12 6/20 30 70 45 50 195 100 60 160 35 Total Cost $90 280 225 300 $895 Required: Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

Answer rating: 100% (QA)

Periodic inventory System In this system the cost of sales and inventory are determined as the en... View the full answer