Question

This is LIFO method

COST OF GOODs AvAILABLE FOR SALE Total Cost Explanation Date Unit Cost Units. Beginning inventory 1,000 $10 100 Jan. Purchase 2,200 Apr. 15 3,600 Aug. 24 Purchase 12 300 Purchase 5,200 Nov 27 400 13 $12,000 Total 1,000 STEP 2: COST OF GOODS SOLD STEP 1: ENDING INVENTORY Unit Total Units Cost Cost Date $10 1,000 Cost of goods available for sale $12,000 100 Jan. 1 5,000 2,200 Less: Ending inventory 11 Apr 15 12 1,800 cost of goods sold 7,000 Aug. 24 150 $5,000 450 Total $1,000 $5,000 $2,200 Cost of Ending inventory $1,800 goods sold $1,800 $7,000 $5,200