Charley's, a local dairy store, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Chazy, NY, location follow: November 2 Purchased 9 gallons at $1.90 each. November 6 Purchased 6 gallons at $2.50 each. November 8 Sold 4 gallons of milk to customers. November 13 Purchased 2 gallons at $3.00 each. November 14 Sold 6 gallons of milk to customers. Determine the amount that would be reported in ending merchandise inventory and amount of Cost of Goods sold on November 15 using the LIFO inventory costing method. Dates Quantity Nov Purchases Unit Cost Total Cost Cost of Goods Sold Quantity n Unit Cost Total Cost Inventory on Hand Unit Cost Quantity Total Cost
Charley's, a local dairy store, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Chazy, NY, location follow: November 2 Purchased 9 gallons at $1.90 each. November 6 Purchased 6 gallons at $2.50 each. November 8 Sold 4 gallons of milk to customers. November 13 Purchased 2 gallons at $3.00 each. November 14 Sold 6 gallons of milk to customers. Determine the amount that would be reported in ending merchandise inventory and amount of Cost of Goods sold on November 15 using the LIFO inventory costing method. Dates Quantity Nov Purchases Unit Cost Total Cost Cost of Goods Sold Quantity n Unit Cost Total Cost Inventory on Hand Unit Cost Quantity Total Cost
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Dates Quantity
Nov.
2
6
8
13
14
Purchases
Unit
Cost
Total Cost of Goods Sold: $
Total Cost: $
Total Inventory on Hand:
Total
Cost
Cost of Goods Sold
Quantity
Unit Total
Cost
Cost
Inventory on Hand
Quantity
Unit Total
Cost Cost
Transcribed Image Text:Charley's, a local dairy store, maintains milk inventory by the gallon. The first month's milk purchases and
sales at its Chazy, NY, location follow:
November 2 Purchased 9 gallons at $1.90 each.
November 6 Purchased 6 gallons at $2.50 each.
November 8 Sold 4 gallons of milk to customers.
November 13 Purchased 2 gallons at $3.00 each.
November 14 Sold 6 gallons of milk to customers.
Determine the amount that would be reported in ending merchandise inventory and amount of Cost of
Goods sold on November 15 using the LIFO inventory costing method.
Dates Quantity
Nov.
2
LO
6
8
13
Purchases
Unit
Cost
Total
Cost
Cost of Goods Sold
Quantity
Unit Total
Cost Cost
Inventory on Hand
Unit
Cost
Quantity
Total
Cost
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