The periodic inventory records of Northstar Sales indicate the following for the month of April:
$$\begin{array} { | r | l | r | }
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Northstar counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Northstar using the LIFO inventory method.

Question

The periodic inventory records of Northstar Sales indicate the following for the month of April:
 $$\begin{array} { | r | l | r | } 
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Northstar counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Northstar using the LIFO inventory method.

Quizplus · Accepted Answer

The Answer of The periodic inventory records of Northstar Sales indicate the following for the month of April:
 $$\begin{array} { | r | l | r | } 
\hline \text { Apr. 1 } & \text { Beginning merchandise inventory } & 15 \text { units @ \$32 each } \
\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \
\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \
\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \
\hline
\end{array}$$ As of April 30, Northstar counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Northstar using the LIFO inventory method.

The Periodic Inventory Records of Northstar Sales Indicate the Following