Supermarket began year with 300 boxes with unit cost of 1.89. During the year following additional purchases were made.
May 1, 200 boxes @ $2.10 each
June 1, 400 boxes @2.20 each
Aug 1, 250 boxes @ 2.40 each
at the end of year. supermarket had 475 boxes on the shelf in the back room assuming LIFO
Calculate A. Cost of ending inventory, B. cost of goods sold