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Date August 1 August 5 August 10 Activities Beginning inventory Purchase Sale Purchase Sale 90 units sold August 15 August 25 80 units sold Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Goods purchased Number of Cost per units unit 70 at $12.00 100 at $ 13.00 Units Acquired at Cost 130 units @ $10-$1,300 70 units @ $12- $840 100 units $13- $1,300 Number of units sold Cost of Goods Sold Cost per unit 70 at $ 12.00- 20 at $10.00- Cost of Goods Sold S $ Units Sold at Retail $ 840.00 200.00 1,040.00 Number of units Inventory Balance Cost per unit Inventory Balance 10.00- 1,300.00 10.00 = 12.00 = 1,300.00 840.00 2,140.00 130 at $ $ 130 at 70 at $ at 100 at $ 13.00 = $ .$ 1,300.00 1,300.00

Date August 1 August 5 August 10 Activities Beginning inventory Purchase Sale Purchase Sale 90 units sold August 15 August 25 80 units sold Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Goods purchased Number of Cost per units unit 70 at $12.00 100 at $ 13.00 Units Acquired at Cost 130 units @ $10-$1,300 70 units @ $12- $840 100 units $13- $1,300 Number of units sold Cost of Goods Sold Cost per unit 70 at $ 12.00- 20 at $10.00- Cost of Goods Sold S $ Units Sold at Retail $ 840.00 200.00 1,040.00 Number of units Inventory Balance Cost per unit Inventory Balance 10.00- 1,300.00 10.00 = 12.00 = 1,300.00 840.00 2,140.00 130 at $ $ 130 at 70 at $ at 100 at $ 13.00 = $ .$ 1,300.00 1,300.00

FINANCIAL ACCOUNTING
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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Activities Beginning inventory Purchase Date August 1 August 5 August 10 August 15 August 25 Sale Purchase Sale Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 August 5 Date Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Goods purchased Number of Cost per units unit 70 at $12.00 100 at $ 13.00 Units Acquired at Cost 130 units @ $10 = $1,300 70 units @ $12 = $840 100 units @ $13 = $1,300 Number of units sold 70 at 20 at Cost of Goods Sold Cost per unit $ 12.00 = $ 10.00 = Cost of Goods Sold Units Sold at Retail $ $ 840.00 200.00 $ 1,040.00 LA LA LA 90 units sold 80 units sold Number of units 130 at 130 at 70 at at 100 at 80 90 Inventory Balance Cost per unit Inventory Balance $ $ $ $10.00 $ 10.00 - 12.00 - 13.00 = $ $ $ 1,300.00 1,300.00 840.00 2,140.00 1,300.00 1,300.00 Date August 1 August 5 August 10 August 15 August 25 90 units sold 80 units sold Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. Date August 1 August 5 Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Activities Beginning inventory Purchase Sale Purchase Sale Goods purchased Number of Cost per unit units 70 at $12.00 100 at $13.00 Units Acquired at Cost 130 units @ $10-$1,300 70 units @ $12- $840 100 units $13- $1,300 Number of units sold 70 at 20 at Cost of Goods Sold Cost per unit $ 12.00 $ 10.00- Cost of Goods Sold $ Units Sold at Retail $ $ 840.00 200.00 1,040.00 Number of units Inventory Balance Cost per unit Inventory Balance 10.00 $ = $ 10.00 = 12.00 = 130 at $ 130 at 70 at $ $ at 100 at $ 80 90 13.00 = -$ $ 1,300.00 1,300.00 840.00 2,140.00 1,300.00 1,300.00
Transcribed Image Text:Activities Beginning inventory Purchase Date August 1 August 5 August 10 August 15 August 25 Sale Purchase Sale Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 August 5 Date Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Goods purchased Number of Cost per units unit 70 at $12.00 100 at $ 13.00 Units Acquired at Cost 130 units @ $10 = $1,300 70 units @ $12 = $840 100 units @ $13 = $1,300 Number of units sold 70 at 20 at Cost of Goods Sold Cost per unit $ 12.00 = $ 10.00 = Cost of Goods Sold Units Sold at Retail $ $ 840.00 200.00 $ 1,040.00 LA LA LA 90 units sold 80 units sold Number of units 130 at 130 at 70 at at 100 at 80 90 Inventory Balance Cost per unit Inventory Balance $ $ $ $10.00 $ 10.00 - 12.00 - 13.00 = $ $ $ 1,300.00 1,300.00 840.00 2,140.00 1,300.00 1,300.00 Date August 1 August 5 August 10 August 15 August 25 90 units sold 80 units sold Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. Date August 1 August 5 Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Activities Beginning inventory Purchase Sale Purchase Sale Goods purchased Number of Cost per unit units 70 at $12.00 100 at $13.00 Units Acquired at Cost 130 units @ $10-$1,300 70 units @ $12- $840 100 units $13- $1,300 Number of units sold 70 at 20 at Cost of Goods Sold Cost per unit $ 12.00 $ 10.00- Cost of Goods Sold $ Units Sold at Retail $ $ 840.00 200.00 1,040.00 Number of units Inventory Balance Cost per unit Inventory Balance 10.00 $ = $ 10.00 = 12.00 = 130 at $ 130 at 70 at $ $ at 100 at $ 80 90 13.00 = -$ $ 1,300.00 1,300.00 840.00 2,140.00 1,300.00 1,300.00
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