A summary of inventory records for Refrigerator Company reveals the following:
During 2016, 35 units were sold at $2,840 per unit, generating total sales revenue of $99,400.
A. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
B. Determine and explain the LIFO reserve for Refrigerator Company.

Question

A summary of inventory records for Refrigerator Company reveals the following:
  During 2016, 35 units were sold at $2,840 per unit, generating total sales revenue of $99,400.
A. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
B. Determine and explain the LIFO reserve for Refrigerator Company.

Quizplus · Accepted Answer

The Answer of A summary of inventory records for Refrigerator Company reveals the following:
  During 2016, 35 units were sold at $2,840 per unit, generating total sales revenue of $99,400.
A. Determine cost of goods sold, gross profit, and the inventory balance under LIFO method.
B. Determine and explain the LIFO reserve for Refrigerator Company.

A Summary of Inventory Records for Refrigerator Company Reveals the Following