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Determine the amounts for costs of good sold per december

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Reference no: EM132919924

The following data is avaiable for one of the products sold by LBJ Company, which uses the periodic inventory system.

December 1 On hand, 10 units at $8.00 per unit $80
December 5 Purchased 30 units at $7. 80 per unit $234
December 18 Purchased 40 units at $8.15 per unit $326
December 24 Purchased 20 units at $8.25 per unit $165
Avaible for sale during December 100 units $805

Problem 1: At the end of December, LBJ had 25 units on hand. The 75 units sold during December were all sold at a per unit price of $13. Determine the amounts for:

a) December 31 inventory
b) The costs of good sold per December

Reference no: EM132919924

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