The following information for Urbanski Corporation relates to the three months ending June 30, 2018:

	Units	Price per unit
Beginning inventory	11,000	$	10
Purchases	75,000	$	16
Sales	80,000	$	25
Ending inventory	6,000

Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost an average of $18 per unit.

Compute cost of goods sold and gross profit for the quarter ending June 30, 2018.

Answer rating: 100% (QA)

To compute the cost of goods sold and gross profit for Urbanski Corporation for the quart... View the full answer