Response to the following :
Using the information from problem 1, calculate Jesse Stores' inventory on December 31 and its cost of goods sold for December using the LIFO method.
Problem 1:
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year, when Jessie Stores sold 500 units of inventory
|
|
Units
|
Cost/Unit
|
Total Cost
|
|
Inventory, Dec. 1
Purchases, Dec. 8
|
300
600
|
$250
$275
|
$ 75,000
165,000
|
|
900
|
$240,000
|
Using the FIFO method, calculate Jessie Stores' inventory on December 31 and its cost of goods sold for December.