L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June...

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L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June 2, 2017 L-Corp sells 50 units. On June 12, 2017, L-Corp buys 45 units at $30/unit. On June 18, 2017, L-Corp sells 53 units. L-Corp uses LIFO Perpetual inventory method. a. Calculate total COGS for June 2017. b. Calculate value of ending inventory at June 30, 2017. Date 10-May 21-May Units 30 40 Cost/unit 25 27 Total Cost 750 1080 L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June 2, 2017 L-Corp sells 50 units. On June 12, 2017, L-Corp buys 45 units at $30/unit. On June 18, 2017, L-Corp sells 53 units. L-Corp uses LIFO Perpetual inventory method. a. Calculate total COGS for June 2017. b. Calculate value of ending inventory at June 30, 2017. Date 10-May 21-May Units 30 40 Cost/unit 25 27 Total Cost 750 1080

Answer rating: 100% (QA)

Initial Inventory on May 31 2017 Lot A1 30 units at 40unit 1200 Lot A2 27 units at 25unit 675 Total ... View the full answer