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Periodic LIFO - Ending inventory and Cost of goods sold computation

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The periodic inventory records of Saxton Prosthetics indicate the following for the month of July:

Jul 1 Beginning merchandise inventory 8 units @ $ 25 each
8 Purchase 15 units @ $ 20 each
15 Purchase 15 units @ $ 32 each
26 Purchase 12 units @ 35 each
At July 31, Saxton counts four units of inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Saxton using the LIFO inventory costing method.
LIFO COST:
Ending Merchandise Inventory

Costs of Goods Sold

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Solution Summary

The periodic inventory records of Saxton Prosthetics indicate the following for the month of July:

Jul 1 Beginning merchandise inventory 8 units @ $ 25 each
8 Purchase 15 units @ $ 20 each
15 Purchase 15 units @ $ 32 each
26 Purchase 12 units @ 35 each
At July 31, Saxton counts four units of inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Saxton using the LIFO inventory costing method.

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The periodic inventory records of Saxton Prosthetics indicate the following for the month of July:

Jul 1 Beginning merchandise ...

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Radhika Lakshmi, MPhil
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  • MPhil, Madurai Kamaraj University
  • MCom, Annamalai University
  • IATA, International Air Transport Association
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