Reference no: EM13954610
The Helmut and King Corporation began 2016 with inventory of 8,000 units of its only product. The units cost $10.00 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2016:
1. Purchased 40,000 additional units at a cost of $11.00 per unit. Terms of the purchases were 2/10, n30, and 80% of the purchases were paid for within the 10 day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b. shipping point and freight charges of $1.00 per unit were paid by Helmut and King.
2. Sales for the year totaled 46,000 units at $20.00 per unit.
3. On December 28, 2016, Helmut and King purchased 5,000 additional units at $12.00 each (price includes freight of $1.00 per unit). The goods were shipped f.o.b.shipping point and arrived at Helmut and King's warehouse on January 4, 2017. The terms of the purchase were n30.
4. 2,000 units were on hand at the end of 2016.
Required:
Determine ending inventory and cost of goods sold for 2016.
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