A company's inventory records show the following data for the month of January. Units Sold at Retail Date January 1 January 5 Activities Beginning inventory Purchase January 9 Sale January 14 Purchase January 20 January 30 Sale Units Acquired at Cost 190 units @ $9 = $1,710 180 units @ $10 = $1,800 210 units @ $11 = $2,310 240 units @ $12 = $2,880 310 units @ $35 160 units @$35 Purchase If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Goods purchased Cost of Goods Sold Date Number of Cost per units unit Number of units sold Cost per Cost of Goods Sold unit Number of units Inventory Balance Cost per unit Inventory Balance 190 at $ 9.00 $ 1,710.00 January 1 180 at $ 10.00 190 at $ 9.00 $ 1.710.00 January 5 180 at $ 10.00 = 1.800.00 $ 3,510.00 Total January 5 at $ 9.00 0.00

A company's inventory records show the following data for the month of January. Units Sold at Retail Date January 1 January 5 Activities Beginning inventory Purchase January 9 Sale January 14 Purchase January 20 January 30 Sale Units Acquired at Cost 190 units @ $9 = $1,710 180 units @ $10 = $1,800 210 units @ $11 = $2,310 240 units @ $12 = $2,880 310 units @ $35 160 units @$35 Purchase If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Goods purchased Cost of Goods Sold Date Number of Cost per units unit Number of units sold Cost per Cost of Goods Sold unit Number of units Inventory Balance Cost per unit Inventory Balance 190 at $ 9.00 $ 1,710.00 January 1 180 at $ 10.00 190 at $ 9.00 $ 1.710.00 January 5 180 at $ 10.00 = 1.800.00 $ 3,510.00 Total January 5 at $ 9.00 0.00

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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