Response to the following :
Using the information from problem 1, calculate Carla Company's cost of goods sold for January and its January 31 inventory using the LIFO method.
Problem 1:
Carla Company uses the perpetual inventory system. The following information is available for January of the current year, when Carla Company sold 1,600 units of inventory on January 14.
|
|
Units
|
Cost/Unit
|
Total Cost
|
|
Inventory, Jan. 1
Purchases, Jan. 13
|
1,500
1,100
|
$0.25
$0.27
|
$ 375
297
|
|
2,600
|
$ 672
|
Using the FIFO method, calculate Carla Company's cost of goods sold for January and its January 31 inventory.