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:

Collective Societies

Societies characterized by a strong sense of interdependence and priority of group goals over individual goals, often emphasizing relationships and communal responsibility.

Egalitarian Societies

Societies characterized by equality, where rights and opportunities are equally distributed among all members, irrespective of their background.

Majority Groups

Represents the larger segment of a population or community, holding dominant power or status compared to minority groups.

Prejudice

Unfavourable attitude towards a social group and its members.