Question: Section 6-INVENTORY COSTING USING THE LIFO METHOD 1. ShaCo, a 20X8 startup, uses the periodic method and LIFO costing. ShaCo makes the following purchases

Section 6-INVENTORY COSTING USING THE LIFO METHOD 1. ShaCo, a 20X8 startup,

Section 6-INVENTORY COSTING USING THE LIFO METHOD 1. ShaCo, a 20X8 startup, uses the periodic method and LIFO costing. ShaCo makes the following purchases during its first year: Purchase date January 15 April 12 June 7 August 25 September 5 December 11 Total Units purchased Unit cost Total cost 600 $16 $ 9,600 2,400 $17 40,800 3,000 $19 57,000 1,300 $22 28,600 5,000 $25 125,000 900 $27 24,300 13,200 $285,300 The year-end physical count is 4,000 units. Compute 20X8 ending inventory and COGS.

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