Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIFO cost flow assumption. by using DATE OUT BALANCE IN Quantity Price Quantity Price Quantity Total Total Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29
Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIFO cost flow assumption. by using DATE OUT BALANCE IN Quantity Price Quantity Price Quantity Total Total Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![Co.'s purchases and sales of
a particular product during the year are shown below:
Jan. 1 Beginning Inventory
Jan. 18 Purchase
1,500 units @ $ 10
1,250 units @ $ 12
1,500 units @ $ 20
1,750 units @ $ 14
1,750 units @ $ 25
500 units @ $ 15
Jan 20 Sold
Jan. 25 Purchase
Jan. 27 Sold
Jan. 29 Purchase
Assuming that company uses perpetual inventory system, determine the
cost of goods sold and compute the ending inventory as of Jan. 31
and make the journal entry for Jan. 27 transaction
inventory subsidiary ledger for LIF0 cost flow assumption.
by using
DATE
IN
OUT
BALANCE
Quantity
Price
Total
Quantity
Price
Total
Quantity
Price
Total
Jan 1
Jan 18
Jan 20
Jan 25
Jan 27
Jan 29](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30215e0d-4e84-42ff-acc2-0d3466699b8d%2Fb9d2b5df-3431-4211-be24-e8542b36f15e%2Fay38b5s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Co.'s purchases and sales of
a particular product during the year are shown below:
Jan. 1 Beginning Inventory
Jan. 18 Purchase
1,500 units @ $ 10
1,250 units @ $ 12
1,500 units @ $ 20
1,750 units @ $ 14
1,750 units @ $ 25
500 units @ $ 15
Jan 20 Sold
Jan. 25 Purchase
Jan. 27 Sold
Jan. 29 Purchase
Assuming that company uses perpetual inventory system, determine the
cost of goods sold and compute the ending inventory as of Jan. 31
and make the journal entry for Jan. 27 transaction
inventory subsidiary ledger for LIF0 cost flow assumption.
by using
DATE
IN
OUT
BALANCE
Quantity
Price
Total
Quantity
Price
Total
Quantity
Price
Total
Jan 1
Jan 18
Jan 20
Jan 25
Jan 27
Jan 29
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