Sheridan company uses a periodic inventory system. for april, when the company sold 450 units, the following information is available. units unit cost total cost april 1 inventory 280 $17 $ 4,760 april 15 purchase 420 20 8,400 april 23 purchase 300 22 6,600 1,000 $19,760 compute the april 30 inventory and the april cost of goods sold using the lifo method.

Closing inventory - $10,160

Costs of goods sold - $9,600

Explanation:

Under the LIFO Method, the cost of good sold equals to

= April 23 units × cost per unit + Remaining units × cost per unit

= 300 units × $22 + 150 units × $20

= $6,600 + $3,000

= $9,600

Since the firm has sold 450 units, so out of which 300 units sold at a price of $22 and the remaining 150 units sold at a price of $20

The ending inventory equals to

= Remaining units × cost per unit + April 1 × cost per unit

= 270 units × $20 + 280 units × $17

= $5,400 + $4,760

= $10,160

Since on April 23, the 420 units were purchase, out of which 150 units are transferred to the cost of good sold and the remaining units 270 units at $20 is transferred to the ending inventory

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