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Beginning inventory, January 1 1,450 $ 50 Transactions during the year: a. Purchase, January 30 2,150 62 b. Sale, March 14 ($100 each) (1,380 ) c. Purchase, May 1 1,130 80 d. Sale, August 31 ($100 each) (1,550 ), Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale.

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Zviko

Answer:

cost of goods sold is $197,800

ending inventory is $55,000

Explanation:

LIFO System is an Inventory Management Method that sells the Recent Inventory Acquired First followed by older Inventory.

Cost of Goods Sold

March 14 = (1,380×$62) = $85,560

August 31 = (1,130×$80) =  $90,400

                 =  (70×$62)    =   $ 4,340

                 = (350×$50)   =  $ 17,500

Total                                =  $197,800

Closing Inventory

(1,100×$50) = $55,000

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