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  3. bettencourt clothing corporation uses a periodic i

Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company...

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Accounting

imageimage Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company began 2024 with the following inventory layers (listed in chronological order of acquisition): During 2024, 21,700 units were purchased for $16 per unit. Sales for the year totaled 33,400 units at various prices, leaving 4,700 unit in ending inventory. Required: 1. Calculate cost of goods sold for 2024. 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2024 financial statements, assuming the amount is material. Assume an income tax rate of 25%. Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @$50$4,000 Purchases: January 18: 40 units @ \$51 January 28 : 40 units @$52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses FIFO

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