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

question 184

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.
$$\begin{array} { | l | l | r | r | } \hline && \text { Units } &{ \text { Unit Cost } } & { \text { Total Cost } } \\\hline 6 / 01& \text { Inventory Balance } & 30 & \$ 3 & \$ 90 \\\hline 6 / 06& \text { Purchase } & 70 & 4 & 280\\\hline 6 / 11& \text { Purchase } & 45 & 5 & 225 \\\hline 6 / 16 &\text { Purchase } & \underline { 50 } & 6 &300 \\\hline &\text { Goods available } & \underline { 195 } && \\\hline 6 / 12 &\text { Sale } & 100 & & \\\hline 6 / 2& \text { Sale } & \underline { 60 } & & \\\hline &\text { Goods sold } & \underline { 160 } & & \\\hline 6 / 31 &\text { Inventory Balance } &\underline { 35 } & \\\hline\end{array}$$
Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.

---

Definitions:

Research Process

The systematic steps followed to collect and analyze information to increase our understanding of a topic or issue.

Issue of Interest

The specific concern or topic that is being studied or analyzed in a research project.

Independent Variable

The variable in an experiment or study that is manipulated or changed to observe its effect on the dependent variable.

Dependent Variable

A dependent variable is the outcome or response that researchers are interested in explaining or predicting, typically manipulated or influenced by the independent variable.