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a company has the following inventory information and uses the periodic​ system: june 1 beginning inventory       units at each june 10 purchase                      units at each june 11 sale                               units june 14 sale                               units the company uses the lifo method of inventory costing. what is the cost of goods sold and the ending merchandise​ inventory?

Answer :

The cost of most recent inventory to use the LIFO method to compute COGS (Cost of Goods Sold). Divide it by the quantity of inventory that was sold.

Total expense equals (18 x 1) plus (2 x 11) = $40. 18 plus 11 is a total of 29 units.

How is FIFO used to determine ending inventory?

The FIFO approach employs the most recent units for calculation while the first units are sold. Since the most recent units were bought for $10, the ending inventory would be 1,500 x 10 = 15,000 as a result. For Harod's business, the final inventory would be $15,000.

How to calculate the cost of goods sold?

In order to compute cost of goods sold (COGS), one must first determine the value of inventory at the start of the study period, then add the cost of any new inventory acquired throughout the study period, and then deduct the value of inventory held at the end of the study period.

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