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Calculate the effect of the lifo on the income

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The Reuschel Company began 2018 with inventory of 10,000 units at a cost of $7 per unit. During 2018, 50,000 units were purchased for $8.50 each. Sales for the year totaled 54,000 units leaving 6,000 units on hand at the end of 2018. Reuschel uses a periodic inventory system and the LIFO inventory cost method.

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Problem 1. Calculate the effect of the LIFO on the income.

Reference no: EM132678481

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