Solution-Calculate cost of goods sold

Calculate cost of goods sold

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Question - Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $80,600 in inventory of its only product. The beginning inventory consisted of the following layers:

5,800 units at $5 per unit $29,000

8,600 units at $6 per unit 51,600

Total $80,600

During 2021, 7,800 units were purchased at $7 per unit and during 2022, 10,600 units were purchased at $8 per unit. Sales, in units, were 10,600 and 19,200 during 2021 and 2022, respectively.

Required -

1. Calculate cost of goods sold for 2021 and 2022.

2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2021 and 2022.

Reference no: EM132989207

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Calculate cost of goods sold

Reference no: EM132989207

Reference no: EM132989207

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