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Question - Wilson Company had the following information for the year ending December 31:
Additional Resources
Units Unit Cost Beginning inventory 300 at $39
Purchase: April 6 390 at $43
Sale: May 4 430
Purchase: July 19 420 at $44
Sale: September 9 200
Purchase: October 10 100 at $45
Wilson uses the perpetual inventory system and the LIFO method.
Required - Using LIFO
(a) Calculate the cost of ending inventory.
(b) Calculate the cost of goods sold for the year.
An inexperienced accountant prepared this condensed income statement for Simon Company, a retail fi rm that has been in business for a number of years.
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