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Compute the ending inventory for units and amount

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Reference no: EM132751386

LIFO: Perpetual Inventory Method

01/02 Beginning Balance 450 units at $25

03/10 Purchase 125 units at $32

Race Car Company had the following balances and transactions during 2018:

05/25 Purchase 35 units at $40

06/10 Sold 280 units at $50

Required:

Problem 1) Using the LIFO Method, Compute the Ending Inventory (units and amount) at 06/30/18

 

Problem 2) Compute the Cost of Goods Sold at 06/30/18

Reference no: EM132751386

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