Coulter Company Uses the LIFO Inventory Method Under the Periodic

question 99

Short Answer

Coulter Company uses the LIFO inventory method under the periodic inventory system.The following data were available for the month of January,2010:
$$\begin{array} { l c r } & \text { Units } & \text { Cost per Unit } \\\text { Inventory, January 1 } & 200 & \$ 5.00 \\\text { Purchase No. 1 } & 400 & 5.50 \\\text { Sale No. 1 (sold at } \$ 12.00 \text { per unit) } & 500 & \\\text { Purchase No. } 2 & 700 & 6.00 \\\text { Sale No. } 2 \text { (sold at } \$ 13.00 \text { per unit) } & 500 &\end{array}$$ Compute the following:
1.Beginning inventory
2.Ending inventory
3.Cost of goods available for sale
4.Cost of goods sold
5.Gross margin

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