Question

During 2018, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2018: Date Transaction Number of Units Unit Cost Total Cost

Jan. 1 Beginning inventory 17 $ 60 $ 1,020

Sep. 8 Purchase 14 62 868

31 $ 1,888

Calculate ending inventory and cost of goods sold for 2018 assuming the company uses LIFO with a periodic inventory system.

Answer 1

Ending inventory units	12
Ending inventory	720	=12*60
Cost of goods sold	1168	=1888-720