Pina colada corp. has the following inventory data:
july 1 beginning inventory 33 units at $21 $693
7 purchases 116 units at $22 2552
22 purchases 17 units at $24 408
$3653
a physical count of merchandise inventory on july 30 reveals that there are 53 units on hand. using the lifo inventory method, the amount allocated to cost of goods sold for july is

Amount allocated to cost of goods sold = $2,520

Explanation:

Total inventory held during the complete month.

Beginning = 33 units @ $21 = $693

7 July        = 116 units @ $22 = $2,552

22 July      = 17 units @ $24 = $408

Closing inventory = 53 units.

Under LIFO method, there is sale of inventory which was last bought or purchased.

Here, as per LIFO,

Total units = 33 + 116 + 17 = 166 units.

Units in closing inventory = 53 units.

That means, 33 units from opening and 20 units from purchases made as on 7 July

33 units @ $21 = $693

20 units @ $22 = $440

Total carrying value of closing inventory = $1,133

Therefore, amount allocated to cost of goods sold = 17 units @ $24 and 96 units @ $22

= $2,520

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