Essay
Lucia Inc.uses a perpetual inventory system.The company has a beginning inventory of 400 units at $70 per unit.The company purchases 1,000 units in August at $72 each and 600 units in November at $75 each.The company sells 1,000 units in September and 900 units in December.
Required:
Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.(Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)
Part a.FIFO
Part b.LIFO
Part c.Weighted Average
Correct Answer:
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Part a
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