Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Beginning inventory Purchased Sold Sold Ending inventory Beginning Purchase. Sale Sale Number of Units Unit Cost Sales 880 630 400 350 760 Number of units $50 Unit Cost 630 $ 52 Cost of Goods Purchased $100 52 110 Total Cost 32,760 LIFO (perpetual) Inventory Cost of Goods Sold Number of units 400 350 760 Unit Cost 52 52 Total Cost 20,800 18,200 Cost of Inventory Remaining Number of units 880 Unit Cost $ 50 Total Cost 44,000
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Beginning inventory Purchased Sold Sold Ending inventory Beginning Purchase. Sale Sale Number of Units Unit Cost Sales 880 630 400 350 760 Number of units $50 Unit Cost 630 $ 52 Cost of Goods Purchased $100 52 110 Total Cost 32,760 LIFO (perpetual) Inventory Cost of Goods Sold Number of units 400 350 760 Unit Cost 52 52 Total Cost 20,800 18,200 Cost of Inventory Remaining Number of units 880 Unit Cost $ 50 Total Cost 44,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| LIFO (perpetual) Inventory | ||||||||
| Cost of Goods Purchased | Cost of Goods Sold | Cost of Inventory Remaining | ||||||
| Number of units |
Unit Cost | Total Cost | Number of units |
Unit Cost | Total Cost | Number of units |
Unit Cost |
Transcribed Image Text:Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
updating. Provide calculations for last-in, first-out (LIFO).
Beginning inventory
Purchased
Sold
Sold
Ending inventory
Beginning.
Purchase
Sale
Sale
Number
of Units Unit Cost Sales
Number
of units
880
630
400
350
630
760
$50
52
Cost of Goods Purchased
Unit Cost
$100
110
52
Total Cost
32,760
LIFO (perpetual) Inventory
Cost of Goods Sold
Number
of units
400
350
760
Unit Cost
100
52
52
Total Cost
20,800
18,200
Cost of Inventory Remaining
Number
of units
880
Unit Cost
$
50
Total Cost
$44,000
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