Harold co reported the following current-year purchases and

Reference no: EM13603374

Harold Co. reported the following current-year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 100 units @ $10 = $ 1,000 Jan. 10 Sales 90 units @$40 Mar. 14 Purchase 250 units @ $15 = 3,750 Mar. 15 Sales 140 units @$40 July 30 Purchase 400 units @ $20 = 8,000 Oct. 5 Sales 300 units @$40 Oct. 26 Purchase 600 units @ $25 = 15,000 Totals 1,350 units $ 27,750 530 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 1/10 $ $ 3/14 $ 3/15 $ 7/30 $ 10/5 $ 10/26 $ Total $ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 1/10 $ $ 3/14 $ 3/15 $ 7/30 $ 10/5 $ 10/26 $ Total $

Reference no: EM13603374

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