A Company Uses the Periodic Inventory System,and the Following Information

question 164

Essay

A company uses the periodic inventory system,and the following information is available.All purchases and sales are on credit.The selling price for the merchandise is $11 per unit.
$$\begin{array} { | l | l | l | l | l | } \hline & & \text { Units } & \text { Unit Cost } & \text { Total Cost } \\\hline 6 / 01 & \text { Inventory Balance } & 30 & \$ 3 & \$ 90 \\\hline 6 / 06 & \text { Purchase } & 70 & 4 & 280 \\\hline 6 / 11 & \text { Purchase } & 45 & 5 & 225 \\\hline 6 / 16 & \text { Purchase } & 50 & 6 & 300 \\\hline & \text { Goods available } & 195 & & \$ 895 \\\hline 6 / 12 & \text { Sale } & 100 & & \\\hline 6 / 20 & \text { Sale } & 60 & & \\\hline & \text { Goods sold } & 160 & & \\\hline 6 / 31 & \text { Inventory Balance } & 35 & & \\\hline\end{array}$$ Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

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Definitions:

Blue Uniforms

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Anchoring with Adjustment Heuristic

A cognitive bias in decision-making where an initial value (the "anchor") heavily influences subsequent judgments and adjustments.

Temporizing Heuristic

A cognitive strategy involving delaying decision making until more evidence or information is available.

Successful Events

Occurrences or activities that achieve their intended goals or are considered positive by the majority of participants.