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XYZ Company uses the periodic inventory method and had the following inventory information available: ...

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Accounting

XYZ Company uses the periodic inventory method and had the following inventory information available:

Units Unit Cost Total Cost

1/1 Beginning Inventory 100 $5 $ 500

20/2 Purchase 400 $6 2,400

25/7 Purchase 200 $7 1,400

10/10 Purchase 300 $9 2,700

1,000 $7,000

A physical count on December 31 revealed that there were 450 units on hand (NOT sold).

Calculate the Cost of goods sold under LIFO?

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