Reference no: EM13794910
During March, Capsule Corp. reported a beginning inventory of a popular capsule of 1,200 units, all at $30/unit. The company uses a perpetual inventory system and the LIFO inventory costing method. These transactions occurred during the month:
5 March: Purchased 500 units at $32/unit
8 March: Returned 200 units originally purchased on 5 March.
11 March: Sold 700 Units for $50/unit
16 March: Sold 300 units for 55/unit
22 March: Purchased 800 units at $35/unit
24 March: Received an allowance of $1,600 for units purchased on 22 March.
29 March: Sold 1,000 units for $53/unit
1. Find the cost of goods sold, and the value of ending inventory
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