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a company purchases inventory during the year in four batches, with unit and price amount shown...

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Accounting

a company purchases inventory during the year in fourbatches, with unit and price amount shown below:

Batch 1 - 9,500 units @ $2.10 per unit
Batch 2 - 4,300 units @ $2.08 per unit
Batch 3 - 3,600 units @ $2.04 per unit
Batch 4 - 7,200 units @ $2.01 per unit

10,800 units were sold after Batch 2 was purchased,while 3,400 units were sold after Batch 3 was purchased.

1. calculate cost of goods sold and ending inventoryunder the LIFO method, using the perpetual inventory system.

2. Calculate cost of goods sold and ending inventoryunder the lifo method, using the periodic inventory system

Answer & Explanation Solved by verified expert
4.4 Ratings (559 Votes)
1 Stock ledger Available for sale Cost of goods sold Ending inventory Date Description Units Unit cost Units Unit cost Total cost Units Unit cost Total cost 1 Purchase 9500 210    See Answer
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