The Reuschel Company began 2021 with inventory of 16,000 units at a cost of $7 per unit.
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Question:
The Reuschel Company began 2021 with inventory of 16,000 units at a cost of $7 per unit. During 2021, 56,000 units were purchased for $8.20 each. Sales for the year totaled 63,000 units leaving 9,000 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method.
Required:
Calculate cost of goods sold for 2021. 2. Calculate the effect of the use of LIFO on Income.
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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