"Bern Company has 100 units costing $200 in beginning inventory. During the year, the company purchases 900 additional units for $1,980. At the end of the year, 200 units remain unsold. If Bern Company utilizes the LIFO method, cost of goods sold will be.

Cost of Goods will be $1,760

Explanation:

In LIFO the unit purchased at the last will be sold first. The earlier purchases will remain in the inventory. In this inventory system the cost of goods sold is based on the recent prices of the product.

Beginning Inventory ( 100 x $2 ) $200

Purchases in the year ( 900 x $2.2 ) $1,980

Sale during the year ( 800 x $2.2 ) $1,760

Closing Inventory ( ( 100 units x $2.2 ) + ( 100 x 2 )  = $420

Unit sold = Beginning Inventory + Purchases -Closing Inventory = 100 units + 900 units - 200 unit = 800 units

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