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1 FIFO 2 LIFO

1 FIFO 2 LIFO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Avoid solution image based thnx

And answer both questions by

1 FIFO

2 LIFO

Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $50 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $56 The employee the rest old each sale and the vetory tutance after eache, Under trouver more to enter the units with the LOWER co fest the lewentory Date Aw 19. 30 Ane Sap) Sept. 2 N15 New 11 Dw 31 B Porchases Quantity Purchases that Cost Purchas Total Cost Cost of Goods Sold Quantity LITO Method Cost of Goods Sold Unit Cost 0 00 ming the last in, find out the present the data in the form durated Cate Cost of Goods Sald Total Cost Inventory Quantity 000 00 Inventory Unit Cost Inventory Total Cost 00⁰ 000 00
Transcribed Image Text:Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $50 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $56 The employee the rest old each sale and the vetory tutance after eache, Under trouver more to enter the units with the LOWER co fest the lewentory Date Aw 19. 30 Ane Sap) Sept. 2 N15 New 11 Dw 31 B Porchases Quantity Purchases that Cost Purchas Total Cost Cost of Goods Sold Quantity LITO Method Cost of Goods Sold Unit Cost 0 00 ming the last in, find out the present the data in the form durated Cate Cost of Goods Sald Total Cost Inventory Quantity 000 00 Inventory Unit Cost Inventory Total Cost 00⁰ 000 00
Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $50 Apr. 19 2,500 units June 30 4,500 units at $54 Sept. 2 5,000 units Nov. 15 Purchase 2,000 units at $56 The fom mana perpetual entry Otermine the set of goods sold for each sale and the inventory balance after each sale, assuming the first first ut method. Pesent the data in the form strated The Dentry at two different cats, enter the with the LOWER rast fint in the cost of Goods Sold Ont Cost colume and in the lentory Une Cest samm Date Jan 1 Ap 15 Jun 30 how 3 Sept 2 M 13 Now 33 Dec 31 Sale Purchase Sale Purchases Purchases Purchases Unit Cost Total Cost Cent of Goods Sold Quantity FITO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Total Cont Quantity Unit Cost Total Cost 00 00 000
Transcribed Image Text:Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $50 Apr. 19 2,500 units June 30 4,500 units at $54 Sept. 2 5,000 units Nov. 15 Purchase 2,000 units at $56 The fom mana perpetual entry Otermine the set of goods sold for each sale and the inventory balance after each sale, assuming the first first ut method. Pesent the data in the form strated The Dentry at two different cats, enter the with the LOWER rast fint in the cost of Goods Sold Ont Cost colume and in the lentory Une Cest samm Date Jan 1 Ap 15 Jun 30 how 3 Sept 2 M 13 Now 33 Dec 31 Sale Purchase Sale Purchases Purchases Purchases Unit Cost Total Cost Cent of Goods Sold Quantity FITO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Total Cont Quantity Unit Cost Total Cost 00 00 000
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