The SOS corporation uses LIFO for its inventory accounting. It has an initial Inventory of 3670 widgets on 12/31/2012 with a unit cost of $2. 5 (total cost of 9175.0). The company bought 710 widgets with unit cost of $2.5 on 2/3/13. The company bought 420 with a unit cost of $3.5 on 6/6/13. Finally, the company bought 300 widgets with a unit cost of $3.0 on 9/9/13. In 2013, the company sold 1000 number of widgets. 

What is the Cost of Goods Sold for the year ending on 12/31/2013?

 

The SOS corporation uses FIFO for its inventory accounting. It has an initial Inventory of 3,080 widgets on 12/31/2012 with a unit cost of $3.0 (total cost of 9,240.0). The company bought 290 widgets with a unit cost of $3.5 on 2/3/13. The company bought 190 with a unit cost of $3.5 on 6/6/2013. Finally, the company bought 760 widgets with a unit cost of $2.5 on 9/9/2013. During 2013, the company sold 3,790 number of widgets.

What is the balance in Inventory on 12/31/2013?

Answer rating: 100% (QA)

SOS Corporation Cost of Goods Sold LIFO and Inventory FIFO LIFO Cost of Goods Sold Ending Inventory ... View the full answer