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Determine the cost assigned to ending inventory

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Question - 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.

Reference no: EM131793079

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