Answer:
- <u>Sale, March 14 (1,380 units) cost of goods sold = $117,200</u>
- <u>Sale, August 31 (1,550 units ) cost of goods = $96,100</u>
- <u>Ending inventory = 1,800 units</u>
<u>Explanation</u>:
a. Cost Of Goods Sold Using LIFO
<u>1. Sale, March 14 (1,380 units)</u>
- from May 1 purchase)
1,130 units at $90= 1130*90= $101,700
+
from January 30 purchase
250 units from 2,150 units at $62 = $15,500
Total= 15,500+101,700= $117,200
<u>2. Sale, August 31 (1,550 units )</u>
- from January 30 purchase
1,550 units from 1900 units leftover
1550 at $62 = 1550*62= $96,100
b. Ending inventory
350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units
