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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item C283 are as follows: March 1 Inventory 98 u
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Answer #1

Under LIFO new goods are sold first and closing stock is consist of old goods.

Answer to A

Cost of GOods = 92 x 21

= 1932

Answer to B

Closing stock would have total 37 units which are calculated as under:

Units and cost from new stock = (109-92) x 21

= 357

Units and cost from old stock = (98-78) x 17

= 340

Total value of stock - 357 + 340 = 697

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