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Compute the January ending inventory and cost of goods sold

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Reference no: EM132524723

Question - January 1 balance, 500 units @ $50 per unit $25,000

Purchases: January 10:500 units @ $50 per unit

January 20:1,000 units @ $57 per unit

Sales: January 12:800 units

January 28:780 units

Required - Compute the January 31 ending inventory and cost of goods sold for January, assuming Mill uses LIFO and a periodic inventory system.

Reference no: EM132524723

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