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Scott, MIT Graduate
Category: Homework
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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Casey Companys beginning inventory and purchases during the fiscal year ended Decemb

Customer Question

Casey Company's beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows: (Note: The company uses a perpetual system of inventory.)
Units Unit Price Total Cost
January 1—Beginning Inventory 20 $12 $240
March 8—Sold 14
April 2—Purchase 30 $13 $390
June 5—Sold 25
Aug 6—Purchase 25 $14 $350
Total Cost of Inventory $980
Ending inventory is 14 units.

What is the cost of goods sold for Casey Company for 2012 using LIFO?

A. $308
B. $801
C. $264
D. $784
Submitted: 5 years ago.
Category: Homework
Expert:  F. Naz replied 5 years ago.
Please check you data some information is missing.
Customer: replied 5 years ago.
there no information missing this is the way the question was given to me. i double check again this is all the information given.
Expert:  F. Naz replied 5 years ago.
total units available for sale = beginning inventory + purchases = 20 +55 = 75 less sold = 39 = 36 should be in ending inventory while the question is showing ending inventory = 14 units.