Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year the following additional purchases were made:
$$\begin{array} { | c | l | }
\hline \text { May 1 } & 200 \text { boxes @ } \$ 2.10 \text { each } \
\hline \text { June 1 } & 400 \text { boxes @ } \$ 2.20 \text { each } \
\hline \text { August 1 } & 250 \text { boxes @ } \$ 2.40 \text { each } \
\hline
\end{array}$$ At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate (A)cost of ending inventory and (B)cost of goods sold.

Question

Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year the following additional purchases were made:
 $$\begin{array} { | c | l | } 
\hline \text { May 1 } & 200 \text { boxes @ } \$ 2.10 \text { each } \
\hline \text { June 1 } & 400 \text { boxes @ } \$ 2.20 \text { each } \
\hline \text { August 1 } & 250 \text { boxes @ } \$ 2.40 \text { each } \
\hline
\end{array}$$ At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate (A)cost of ending inventory and (B)cost of goods sold.

Quizplus · Accepted Answer

The Answer of Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year the following additional purchases were made:
 $$\begin{array} { | c | l | } 
\hline \text { May 1 } & 200 \text { boxes @ } \$ 2.10 \text { each } \
\hline \text { June 1 } & 400 \text { boxes @ } \$ 2.20 \text { each } \
\hline \text { August 1 } & 250 \text { boxes @ } \$ 2.40 \text { each } \
\hline
\end{array}$$ At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate (A)cost of ending inventory and (B)cost of goods sold.

Moore Supermarket Began the Year with 300 Boxes of Oat