The Periodic Inventory Records of Northstar Sales Indicate the Following

question 196

Essay

The periodic inventory records of Northstar Sales indicate the following for the month of April:
$\begin{array}{|r|c|c|}\hline \text { Apr. }1&\begin{array}{l}\text { Beginning merchandise } \\\text { inventory }\end{array} & 15 \text { units@\$32 each } \\\hline 7& \text { Purchase } & 7 \text { units @\$34 each } \\\hline 18& \text { Purchase } & 12 \text { units @ \$37 each } \\\hline 26& \text { Purchase } & 10 \text { units@\$40 each } \\\hline\end{array}$ As of April 30,Northstar counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Northstar using the LIFO inventory method.

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Definitions:

Tax Returns

Official documents filed with tax authorities declaring income, profits, and losses to determine tax liability.

Post Office

A public institution responsible for mail collection, distribution, and delivery services.

Cash Payments

Transactions where payment for goods or services is made in the form of physical currency or coins.

Pet Store

A retail business specializing in selling animals, pet supplies, and services such as grooming and training.