Brief Exercise 8-6 Whispering Company uses a periodic inventory system. For Apri
ID: 2398826 • Letter: B
Question
Brief Exercise 8-6
Whispering Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available.
Units
Unit Cost
Total Cost
April 1 inventory
330
$22
$ 7,260
April 15 purchase
380
26
9,880
April 23 purchase
290
29
8,410
1,000
$25,550
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Ending inventory
$
Cost of goods sold
$
Units
Unit Cost
Total Cost
April 1 inventory
330
$22
$ 7,260
April 15 purchase
380
26
9,880
April 23 purchase
290
29
8,410
1,000
$25,550
Explanation / Answer
LIFO method ending inventory 1-Apr inventory 330 22 7260 15-Apr purchase 220 26 14300 total 550 21560 cost of goods sold 15-Apr purchase 160 22 3520 23-Apr purchase 290 29 8410 total 450 11930 ending inventory 21560 cost of goods sold 11930
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.