Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th...

 

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Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units 173 257 300 287 164 139 Cost per Unit $ 1.25 $ 1.15 $ 0.95 $ 1.10 $ 1.30 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the LIFO method. (round all answers using two (2) decimal places) Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units 173 257 300 287 164 139 Cost per Unit $ 1.25 $ 1.15 $ 0.95 $ 1.10 $ 1.30 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the LIFO method. (round all answers using two (2) decimal places)

Answer rating: 100% (QA)

SOLUTION To calculate the Cost of Goods Sold COGS and ending inventory using the LIFO method we need to assume that the most recent units purchased ar... View the full answer