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Question 1

The periodic inventory records of Spacely’s Sprockets indicate the following for the month of July:

July 1 beginning merchandise inventory 19 units @ $55 each.

July 8 purchase 16 units @ $58 each.

July 15 purchase 12 units @ $60 each.

July 26 purchase 10 units @ $62 each.

On July 31, Spacely counts 5 units of merchandise on hand.

Computing periodic inventory amounts - LIFO

Ending merchandise inventory is...

DateUnitsCost=Total
 
TOTAL  

Cost of goods sold...

DateUnitsCost=Total
 
 
 
 
TOTAL