A company made the following merchandise purchases and sales during the month of August: ...
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Accounting
A company made the following merchandise purchases and sales during the month of August:
| 2-Aug | purchased 500 | units @ | $35 each |
| 4-Aug | purchased 350 | units @ | $40 each |
| 15-Aug | sold 450 | units @ | $100 each |
| 19-Aug | purchased 400 | units @ | $45 each |
| 25-Aug | sold 500 | units @ | $100 each |
| 29-Aug | purchased 250 | units @ | $50 each |
There was no beginning inventory. If the company uses the last-in, first-out (LIFO) method and the perpetual system, what would be the cost of the ending inventory and the total cost of goods sold?
| Date | Goods Purchased | Cost of Goods Sold | Inventory Balance |
|---|---|---|---|
Total Cost of Goods Sold: ___________
Ending Inventory Balance: __________
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