A company uses the periodic inventory system,and the following information is available.All purchases and sales are on credit.The selling price for the merchandise is $11 per unit.
Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

Question

A company uses the periodic inventory system,and the following information is available.All purchases and sales are on credit.The selling price for the merchandise is $11 per unit.
  Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

Quizplus · Accepted Answer

The Answer of A company uses the periodic inventory system,and the following information is available.All purchases and sales are on credit.The selling price for the merchandise is $11 per unit.
  Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

A Company Uses the Periodic Inventory System,and the Following Information