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Exercise 6-5(Algo) Calculate inventory amounts when costs are declining (LO6-3) During...

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Accounting

Exercise 6-5(Algo) Calculate inventory amounts when costs are declining (LO6-3)
During the year, Lenawee Incorporated has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 25 $27 $675
March 4 Purchase 3026780
June 9 Purchase 3525875
November 11 Purchase 3523805
125 $3,135
For the entire year, the company sells 98 units of inventory for $35 each.
Required:
2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.
2-c & d. Using LIFO, calculate sales revenue and gross profit.Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
\table[[LIFO,Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory],[# of units,\table[[Average],[Cost per],[unit]],\table[[Cost of],[Goods],[Available],[for Sale]],# of units,\table[[Average],[Cost per],[unit]],\table[[Cost of],[Goods],[Sold]],# of units,\table[[Average],[Cost],[per unit]],\table[[Ending],[Inventory]]],[Beginning Inventory],[Purchases:],[Mar 04],[Jun 09],[Nov 11],[Total,,,,,,,,,]]
\table[[,],[Sales revenue,],[Gross profit,]]
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