Business, 12.03.2020 05:12 nolandh7940

The Reuschel Company began 2018 with inventory of 21,000 units at a cost of $8 per unit. During 2018, 61,000 units were purchased for $9.95 each. Sales for the year totaled 70,500 units leaving 11,500 units on hand at the end of 2018. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2018. 2. Calculate the effect of the LIFO on the income.

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The Reuschel Company began 2018 with inventory of 21,000 units at a cost of $8 per unit. During 2018...