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Homework answers / question archive / The periodic inventory records of Cambridge Prosthetics indicate the following for the month of October
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of October. At October 31, Cambridge counts ten was of inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Cambridge using the LIFO inventory costing method.
Oct. 1 Beginning merchandise inventory 20 units @60 each
8 purchase 20 units @ 50 each
15 purchase 15 units @ 29 each
26 purchase 15 units @ 25 each
Ending merchandise inventory= (10* 60)
= 600
Cost of goods sold= (10* 60)+ (20* 50)+ (15* 29)+ ( 15* 25)
= 600+ 1000+ 435+ 375
= 2410
note: At October 1, Cambridge counts ten units of inventory on hand.
