Question: I need help figuring out how to add the cost of goods sold and cost of ending inventory given the following information. Inventory Costing: LIFO
I need help figuring out how to add the cost of goods sold and cost of ending inventory given the following information.
Inventory Costing:
LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail
June 1 Beginning Inventory 150 units @ $11 = $1,650
9 Purchase 1 200 units @ $12 = $2,400
14 Sale 1 300 units @ $25
22 Purchase 2 250 units @ $14 = $3,500
29 Sale 2 225 units @ $25
Assume that Bordeaux Company uses a perpetual inventory system.
Required:
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Cost of goods sold $
Cost of ending inventory $
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