Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1. Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1 Totals: 2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2 Totals: 3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line. Cost of Goods Sold (units) Total COGS after Sale 3 Inventory Remaining (units) Total Balance after Sale 3 Totals: 4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4. Cost of Goods Sold (units) Total COGS after Sale 4 Inventory Remaining (units) Total Balance after Sale 4 Totals: 5. Calculate the values below Ending inventory units: Ending inventory account balance: Cost of Goods Sold account balance:
Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1. Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1 Totals: 2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2 Totals: 3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line. Cost of Goods Sold (units) Total COGS after Sale 3 Inventory Remaining (units) Total Balance after Sale 3 Totals: 4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4. Cost of Goods Sold (units) Total COGS after Sale 4 Inventory Remaining (units) Total Balance after Sale 4 Totals: 5. Calculate the values below Ending inventory units: Ending inventory account balance: Cost of Goods Sold account balance:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Using the LIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.
Date Activity Units Purchase Price (per unit)
Sale Price
(per unit)
1-Feb Beginning Inventory 100 $ 45
15-Feb Purchase 700 $ 52
9-Apr Sale 1 600 $ 90
29-May Purchase 500 $ 56
10-Jul Sale 2 600 $ 90
10-Sep Purchase 400 $ 58
15-Oct Sale 3 400 $ 90
5-Nov Purchase 900 $ 62
18-Dec Sale 4 200 $ 90
1. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.
Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1
Totals:
2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.
Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2
Totals:
3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line.
Cost of Goods Sold (units) Total COGS after Sale 3 Inventory Remaining (units) Total Balance after Sale 3
Totals:
4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4.
Cost of Goods Sold (units) Total COGS after Sale 4 Inventory Remaining (units) Total Balance after Sale 4
Totals:
5. Calculate the values below
Ending inventory units:
Ending inventory account balance:
Cost of Goods Sold account balance:
Date Activity Units Purchase Price (per unit)
Sale Price
(per unit)
1-Feb Beginning Inventory 100 $ 45
15-Feb Purchase 700 $ 52
9-Apr Sale 1 600 $ 90
29-May Purchase 500 $ 56
10-Jul Sale 2 600 $ 90
10-Sep Purchase 400 $ 58
15-Oct Sale 3 400 $ 90
5-Nov Purchase 900 $ 62
18-Dec Sale 4 200 $ 90
1. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.
Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1
Totals:
2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.
Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2
Totals:
3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line.
Cost of Goods Sold (units) Total COGS after Sale 3 Inventory Remaining (units) Total Balance after Sale 3
Totals:
4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4.
Cost of Goods Sold (units) Total COGS after Sale 4 Inventory Remaining (units) Total Balance after Sale 4
Totals:
5. Calculate the values below
Ending inventory units:
Ending inventory account balance:
Cost of Goods Sold account balance:
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Can you explain in detail how you got the Inventory Remaining(units) and the total Inventory balance?
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