Brief Exercise 8-6
Novak Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.
| |
Units
|
Unit Cost
|
Total Cost
|
|
April 1 inventory
|
300
|
$19
|
mce_markernbsp;5,700
|
|
April 15 purchase
|
410
|
23
|
9,430
|
|
April 23 purchase
|
290
|
25
|
7,250
|
| |
1,000
|
|
$22,380
|
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Ending inventory
Cost of goods sold