Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000

Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50   $4,000

Purchase:

January 18: 40 units @ $51

January 28: 40 units @ $52

Sales:

January 12: 30 units

January 22: 30 units

January 31: 45 units

 

Reference: 8-15

 

Required: Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and perpetual inventory system.

 

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