Strods Company reported the following purchases and sales of its only product. Strods uses a periodic...

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Strods Company reported the following purchases and sales of its only product. Strods uses a periodic Inventory system. Deter

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Answer 1

Answer #1

cost of goods sold (LIFO)
particular	unit	unit cost	total
beginning inventory	260	11	2,860
purchase:
May-05	275	13	3,575
May-15	155	14	2,170
goods available for sale	690		8,605
cost of goods sold (LIFO)
	155	14	2,170
	40	13	520
ending inventory	495		5,915

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Answer 2

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