Merchandise inventory and cost of goods sold for saxton


Problem: The periodic inventory records of Saxton Prosthetics indicate the following for the month of July:

Jul     1 Beginning merchandise inventory         8 units     @     $ 25 each
         8 Purchase                                           15 units    @    $ 20 each
        15 Purchase                                           15 units    @     $ 32 each
        26 Purchase                                           12 units    @     35 each

At July 31, Saxton counts four units of inventory on hand.

Compute ending merchandise inventory and cost of goods sold for Saxton using the LIFO inventory costing method.

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Finance Basics: Merchandise inventory and cost of goods sold for saxton
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