Quadrado uses the lifo method to account for inventory, Ask an Expert

Accounting

The following information for Quadrado corporation relates to the three-monthe period ending September 30, 2011. Quadrado expects to purchase 150,000 units of inventory in the fourth quarter of 2011 at a cost of $15 per unit, and to have on hand 30,000 units of inventory at year-end. Quadrado uses the LIFO method to account for inventory costs. Determine the cost of goods sold amounts to record dor the three months ending September 30,2011.

Units
sales 110,000
beginning inventory 20,000
purchases 100,000
ending inventory 10,000

Price Per Unit
Sales $20
beginning inventory $12
purchases $14
ending inventory 0

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9435499

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