Question: I need help on an accounting problem with LIFO Cost of Goods Sold and Ending Inventory - Any assistance would be so very helpful! Knowns:

I need help on an accounting problem with LIFO Cost of Goods Sold and Ending Inventory - Any assistance would be so very helpful!

Knowns:

Starting Inventory 3,200 units @ 0.60 each - $1,920

The following transactions occurred during December:

Dec. 3Purchased 5,200 units of inventory on account at a cost of $0.74 per unit.

12- 5 Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.)

12- 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory.

12 -17. Purchased 2,300 units of inventory for cash at $0.80 each.

12-22. Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)

Thank you!

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