Joe's Shoes, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular...
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Joe's Shoes, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
Beginning Inventory (Jan.1) 16 widgets @ $10
Purchase Jan. 11 14 widgets @ $12
Sale Jan. 14 25 widgets @ $25
Purchase Jan. 20 23 widgets @ $15
Sale Jan. 25 3 widgets @ $25
Calculate End. Inventory under LIFO
COGS=165
Beg Inventory+Purchases-COGS
160+168+345-165=508 ending inventory
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