## Cost of Goods Sold Calculation for A66 CompanyCalculate 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).### Inventory Data- **Beginning Inventory** - Number of Units: 880 - Unit Cost: $50- **Purchases** - Number of Units: 630 - Unit Cost: $52- **Sales** - First Sale - Number of Units: 400 - Unit Cost: $100 - Second Sale - Number of Units: 350 - Unit Cost: $110- **Ending Inventory** - Number of Units: 760### LIFO (Perpetual) Inventory Calculation#### Cost of Goods Purchased| Number of Units | Unit Cost | Total Cost ||-----------------|-----------|------------|#### Cost of Goods Sold| Number of Units | Unit Cost | Total Cost ||-----------------|-----------|------------|#### Cost of Inventory Remaining| Number of Units | Unit Cost | Total Cost ||-----------------|-----------|------------|- **Beginning Inventory**: Spaces provided for calculations.- **Purchase**: Spaces provided for calculations.- **Sales**: - Multiple lines for sales calculations.- **Total Purchases**: Space provided.- **Total COGS**: Space provided for calculation.- **Total Cost of Inventory Remaining**: Spaces provided.The worksheet provides structured spaces to input values for each step of the calculation. Students would fill in these tables as they apply the LIFO method to calculate the cost of goods sold, cost of inventory remaining, and total purchases.

Notes : Under LIFO system the units purchased last will be issued first.

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). Number of Units Unit Cost Sales Beginning inventory 880 ETT 630 400 350 760 Purchased Sold Sold Ending inventory Beginning Purchase Sale Sale Number of units $50 Cost of Goods Purchased Unit Cost Total Purchases 52 $100 110 Total Cost $ LIFO (perpetual) Inventory Cost of Goods Sold Number of units Unit Cost Total Cost 000 0 00. 0000 Total COGS Cost of Inventory Remaining Number of units Unit Cost Total Cost

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). Number of Units Unit Cost Sales Beginning inventory 880 ETT 630 400 350 760 Purchased Sold Sold Ending inventory Beginning Purchase Sale Sale Number of units $50 Cost of Goods Purchased Unit Cost Total Purchases 52 $100 110 Total Cost $ LIFO (perpetual) Inventory Cost of Goods Sold Number of units Unit Cost Total Cost 000 0 00. 0000 Total COGS Cost of Inventory Remaining Number of units Unit Cost Total Cost

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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