Maurice Tutor

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Category > Accounting Posted 06 Aug 2017 My Price 4.00

Kuffel Co

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016:

Date Transaction Number
of Units		 Unit
Cost		 Total
Cost
1/1 Beginning inventory 150   $ 60 $ 9,000
1/24 Purchase 70     66   4,620
2/22 Sale (100 )   -   -
3/7 Purchase 90     70   6,300
4/10 Purchase 140     72   10,080
6/11 Sale (100 )   -   -
9/28 Purchase 50     76   3,800
12/4 Sale (100 )   -   -

Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 PM My Price 4.00

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