Using the information from RE8-8, calculate Jesse Stores inventory on December 31 and its cost of goods

Using the information from RE8-8, calculate Jesse Stores’ inventory on December 31 and its cost of goods sold for December using the LIFO method.

In RE8-8, Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year, when Jessie Stores sold 500 units of inventory.

Using the FIFO method, calculate Jessie Stores’ inventory on December 31 and its cost of goods sold forDecember.

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Units 300 600 900 Cost/Unit $250 $275 Total Cost $75,000 165,000 $240,000 Inventory, Dec. 1 Purchases, Dec. 8