Compute the cost of ending inventory

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Question - Davis Company had the following information for the year ending December 31:

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Units Unit Cost Beginning inventory 300 at $45

Purchase: April 6 490 at $41

Sale: May 4 240

Purchase: July 19 500 at $40

Sale: September 9 590

Purchase: October 10 240 at $38

Davis uses the perpetual inventory system and the LIFO method.

Required - Using LIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.

Reference no: EM132646066

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