Dollar Inventory

Assuming a perpetual inventory system and using the last-in, first-out (LIFO)method, determine….?

Begining inventory, purchases, and sales for item SJ68 are as follows:
Aug.
1…………..Inventory………..28 units at $34
8…………..Sale………………15 units
15…………Purchase………. 22 units at $38
30………….Sale…………….. 20 units

1. The cost of merchandise sold on August 30th
The merchandise sold on the 30th would have come out of the purchase of the 15th, so COGS = 20 @ $38 = $760
d. 760

#2. The ending inventory in dollars for the month of August
I suspect you had a typo for the sale of the 8th. You sold 15 units, and not 1 unit.
Ending inventory for mth of Aug. comprised 2 units from the purchase of the 15th plus 13 units from beginning inventory, so 2 @ $38 plus 13 @ $34 = $518
a. 518

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