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Calculate the effect of the LIFO on the income

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Reference no: EM132623895

Question - The Reuschel Company began 2018 with inventory of 27,000 units at a cost of $6 per unit. During 2018, 67,000 units were purchased for $7.60 each. Sales for the year totaled 79,500 units leaving 14,500 units on hand at the end of 2018. Reuschel uses a periodic inventory system and the LIFO inventory cost method.

Required -

1. Calculate cost of goods sold for 2018.

2. Calculate the effect of the LIFO on the income.

Reference no: EM132623895

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