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Question 1

Charley's,  a local dairy store, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Chazy, NY, location follow:

November 2 Purchased 9 gallons at $2.10 each.

November 6 Purchased 6 gallons at $2.50 each.

November 8 Sold 6 gallons of milk to customers.

November 13 Purchased 4 gallons at $2.80 each.

November 14 Sold 5 gallons of milk to customers.

Determine the amount that would be reported in ending merchandise inventory and amount of Cost of Goods sold on November 15 using the LIFO inventory costing method.

Inventory
PurchasesCost of Goods SoldInventory on Hand
DatesQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal Cost
Nov. 2
Nov. 2
Nov. 2
6
6
6
8
8
8
13
13
13
14
14
14

Total Cost of Goods Sold:  $

Total Inventory on Hand: 

Total Cost: $