Determine cost assigned to ending inventory

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Reference no: EM13142324

Genesis Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360 units—120 from each of the last three purchases.

Jan. 1 Beginning inventory 290 units @ $ 2.80 = $ 812
Mar. 7 Purchase 610 units @ $ 2.70 = 1,647
July 28 Purchase 810 units @ $ 2.40 = 1,944
Oct. 3 Purchase 1,110 units @ $ 2.20 = 2,442
Dec.19 Purchase 260 units @ $ 1.90 = 494

Totals 3,080 units @ $ 7,339

Requirement:

Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Do not round interim calculations. Round per unit costs to three decimals. Round your answers to the nearest dollar amount.)

Reference no: EM13142324

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