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Hi, I need help with LIFO: ending inventory and COGS - thank you! ?
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,100 units at $37; purchases, 7,930 units at $39; expenses (excluding income taxes), $192,800; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,370 units; sales price per unit, $79; and average income tax rate, 30 percent.
- olliverLv 61 month ago
COGS = 7930 x 39 + 440 x 37 = 325550
Ending inventory = 1660 x 37 = 61420
- Anonymous1 month ago
move to homework help. damn cheater