Asked by Maria Taylor
Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year, the following additional purchases were made:
May 1 200 boxes@$2.10/each
June 1 400 boxes@$2.20/each
August 1 250 boxes@$2.40/each
At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate the (a) cost of ending inventory and (b) cost of goods sold.
May 1 200 boxes@$2.10/each
June 1 400 boxes@$2.20/each
August 1 250 boxes@$2.40/each
At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate the (a) cost of ending inventory and (b) cost of goods sold.