Turks toy trains began 2008 with 1200 toy trains which cost, Ask an Expert

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Turk's Toy Trains began 2008 with 1200 toy trains, which cost $9.00 each in its inventory. During the year it made the following inventory purchase of inventory.

Date Units Purchased Cost per Unit Total Cost
3/18 500 $9.50 $4,750
6/4 700 $10.00 $7,000
8/28 400 $10.50 $4,200
11/13 900 $11.50 $10,350
Total 2500 - $26,300

A year end count of ending inventory found that 800 units remained in the company's warehouse on December 31, 2008.What was the company's cost of goods sold under a LIFO periodic inventory costing system? Please explain solution in detail.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975727

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