Orwell Company sells many products. Below is an analysis of the inventory purchases and sales...
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Orwell Company sells many products. Below is an analysis of the inventory purchases and sales of one of their products for the month of December. For the month of December, Total Sales were $20,000.
Purchases Sales
Units Unit Cost Units
12/1 Beginning inventory 200 $40
12/3 Purchase 80 $50
12/10 Purchase 200 $55
12/14 Sales 60
12/16 Sales 90
12/19 Sales 80
Calculate the following under the LIFO method:
a) Cost of Goods Available for Sale as of Dec. 12.
b) Cost of Goods Sold for the month of December.
c) Ending balance of the Inventory account as of December 31.
d) Gross Profit for the month of December.
e) LIFO Reserve as of December 31. (Reminder: the LIFO reserve is the difference between FIFO Ending Inventory and LIFO Ending Inventory.)
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