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Determine the cost of the goods sold for the December sale

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Reference no: EM133072732

Question - Beginning inventory, purchases, and sales for an inventory item are as follows:

Dec 1 Beginning inventory 45 units @ $14

Dec 4 Sale 20 units

Dec 15 Purchase 22 units @ $20

Dec 31 Sale 28 units

Assuming a perpetual inventory system and the last-in, first-out (LIFO) method, determine (a) the cost of the goods sold for the December 31 sale and (b) the inventory on December 31.

Reference no: EM133072732

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