A summary of inventory records for St. Clair Motors Company, which uses a periodic inventory system, reveals the following:
During 2019, 35 units were sold at $1,800 per unit, generating total sales revenue of $63,000.
a. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
b. Determine the LIFO reserve for St. Clair Motors Company.

Question

A summary of inventory records for St. Clair Motors Company, which uses a periodic inventory system, reveals the following:
  During 2019, 35 units were sold at $1,800 per unit, generating total sales revenue of $63,000.
a. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
b. Determine the LIFO reserve for St. Clair Motors Company.

Quizplus · Accepted Answer

The Answer of A summary of inventory records for St. Clair Motors Company, which uses a periodic inventory system, reveals the following:
  During 2019, 35 units were sold at $1,800 per unit, generating total sales revenue of $63,000.
a. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
b. Determine the LIFO reserve for St. Clair Motors Company.

A Summary of Inventory Records for St