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Compute the ending inventory and cost of goods sold

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Question - You are provided with the following information for Lahti Inc for the month ended October 31, 2005. Lahti uses to perpetual method of inventory.

Date

Description

Units

Unit Cost or Selling Price

October 1

Beginning Inventory

60

$25

October 9

Purchase

120

26

October 11

Sale

100

35

October 17

Purchase

70

27

October 22

Sale

60

40

October 25

Purchase

80

28

October 29

Sale

150

40

Required - Compute the ending inventory, cost of goods sold, and gross profit under the following methods:

i. FIFO

ii. LIFO

iii. Average Cost.

Reference no: EM132439194

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