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:

Ohm's Law

A fundamental principle in electrical engineering that states the current through a conductor between two points is directly proportional to the voltage across the two points and inversely proportional to the resistance.

Resistive Circuit

A type of electrical circuit that consists solely of resistors and obeys Ohm's Law, designed for applications where resistance is the primary concern.

Lenz's Law

A principle stating that an induced electrical current will flow in a direction that opposes the change causing it.

Inductor Coil

A component consisting of a wire wound around a core, used in circuits to store energy in a magnetic field when electrical current flows through it.