Maurice Tutor

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Category > Management Posted 26 Oct 2017 My Price 5.00

zelton Corporation

16. Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers:

4000 units @ 6 = 24,000

6000 units @ 7 = 35,000

total 59,000



During 2013, 6,000 units were purchased at $8 per unit and during 2014, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2013 and 2014, respectively.

Required:

1. Calculate cost of goods sold for 2013 and 2014.
2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2013 and 2014.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Oct 2017 11:10 AM My Price 5.00

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