Determine nightcrawler lifo reserve at the end

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Reference no: EM132726122

A summary of inventory records for Nightcrawler Company reveals the following:

Inventory on January 1, 2020 ....................... 30 units @ $10.40 each ...... $312.00

Inventory purchased in 2020 ........................ 35 units @ $10.66 each ...... 373.10

Total cost of goods available for sale in 2020 ..... 65 units ......................... $685.10

During 2020, 35 units were sold at $14.20 per unit, generating total sales revenue of $497.00.

Problem a. Determine cost of goods sold, gross profit, and the ending inventory balance under the LIFO method.

Problem b. Determine Nightcrawler's LIFO reserve at the end of 2019 and 2020.

Reference no: EM132726122

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