Business, 07.04.2020 18:27 kamal82

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,450 $ 50 Transactions during the year: a. Purchase, January 30 2,150 62 b. Sale, March 14 ($100 each) (1,380 ) c. Purchase, May 1 1,130 80 d. Sale, August 31 ($100 each) (1,550 ) Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale.

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