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

---

Definitions:

School Phobia

An intense fear or dread of going to school, often resulting in avoidance and absenteeism.

Neurotransmitter

Chemical substances that transmit nerve impulses across a synapse from one nerve cell to another.

Latency Stage

In Freud’s psychoanalytic theory, the fourth stage of psychosexual development, characterized by repression of sexual impulses and development of skills.

Freud's Stage

Stages of psychological development theorized by Freud, emphasizing sexual and aggressive urges shaping personality.