Piper Pipes has the following inventory data:
July 1 Beginning inventory 50 units at $120
5 Purchases 300 units at $112
14 Sale 200 units
21 Purchases 150 units at $115
30 Sale1 40 units

Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis.

Cost of goods sold = $38,530

Explanation:

Given:

Total units sold = 200 units (14 July) + 140 units (30 July)

Total units sold =  340 units

Computation of Cost of goods sold Under (Last-in-First-out) method:

Cost of goods sold = First 150 units at $115 + Remaining units cost

Cost of goods sold = (150 units × $115) + (340 units - 150)($112)

Cost of goods sold = ($17,250) + (190)($112)

Cost of goods sold = ($17,250) + ($21,280)

Cost of goods sold = $38,530

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