Homework SoursePlease details Please give explanation of the calculation Or
Please details. Please give explanation of the calculation.
Oriole Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available.
Units
Unit Cost
Total Cost
330
4,620
1,000
$12,890
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
| Units | Unit Cost | Total Cost | ||||||
| April 1 inventory | 220 | $11 | $ 2,420 | |||||
| April 15 purchase | 450 | 13 | 5,850 | |||||
| April 23 purchase | 330 | 14 | 4,620 | |||||
| 1,000 | $12,890 |
Solution
Solution:
Ending inventory: 7,360
COGS: 5,530
Working:
COGS
Apr-23
330
$14
4620
Apr-15
70
$13
910
5530
Ending Inventory
Apr-15
380
$13
4940
Apr-01
220
$11
2420
7360
| COGS | |||
| Apr-23 | 330 | $14 | 4620 |
| Apr-15 | 70 | $13 | 910 |
| 5530 | |||
| Ending Inventory | |||
| Apr-15 | 380 | $13 | 4940 |
| Apr-01 | 220 | $11 | 2420 |
| 7360 | |||
