Help. Steps explaining calculations for LIFO. I\'m not comprehending LIFO & FIFO
ID: 2509322 • Letter: H
Question
Help. Steps explaining calculations for LIFO. I'm not comprehending LIFO & FIFO.
Brief Exercise 8-6 Coronado Company uses a periodic inventory system. For Apri, when the company sold 420 units, the following infcrmation is avatable Units Unit Cost Total Cost April 1 imventory 240 April 15 purchase 440 Apri 23 purchase 320 $13 $3,120 16 7,040 17 5,440 515,000 Compute the Aprl 30 inventory and the Aprl cost of goods sold usaing the LIFO method Ending rwentory s Cost of goods sold s Click if you would like to Show Work for this questionsS Question Attempts: 0 of 3 wend save FORLAExplanation / Answer
cost of ending inventory Using LIFO method
1-Apr
240
13
3120
15-Apr
340
16
5440
cost of year end inventory
580
8560
cost of goods sold
23-Apr
320
17
5440
15-Apr
100
16
1600
cost of goods sold
420
7040
cost of ending inventory Using LIFO method
1-Apr
240
13
3120
15-Apr
340
16
5440
cost of year end inventory
580
8560
cost of goods sold
23-Apr
320
17
5440
15-Apr
100
16
1600
cost of goods sold
420
7040
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