Question

excel Con- ess View Policies Current Attempt in Progress Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units 310 390 300 1,000 Unit Cost $20 24 26 Total Cost $ 6,200 9,360 7,800 $23,360 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold $ Attempts: 0 of 3 used Save for Later Su Using multiple attempts will impact your score. 10% score reduction after attempt 2 Send to Gradebook < Prev

Answer 1

Answer

• Ending Inventory = $ 7,160
• Cost of Goods Sold = $ 16,200

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	310	$                20.00	$                        6,200.00	0	$               20.00	$                              -	310	$                 20.00	$            6,200.00
Purchases:
15-Apr	390	$                24.00	$                        9,360.00	350	$               24.00	$                 8,400.00	40	$                 24.00	$                960.00
23-Apr	300	$                26.00	$                        7,800.00	300	$               26.00	$                 7,800.00	0	$                 26.00	$                         -
TOTAL	1000		$                      23,360.00	650		$               16,200.00	350		$            7,160.00