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Date August 1 August 5 August 10 August 15 August 25 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 Activities Beginning inventory Purchase Sale Purchase Sale Total August 25 Units Acquired at Cost 230 units @ $10 = $2,300 170 units @ $12 $2,040 200 units @ $13 = $2,600 Goods purchased Number of Cost per units unit Number of units sold Units Sold at Retail = Cost of Goods Sold Cost per Cost of Goods unit Sold 190 units sold 180 units sold Number of units Inventory Balance Cost per unit Inventory Balance

Date August 1 August 5 August 10 August 15 August 25 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 Activities Beginning inventory Purchase Sale Purchase Sale Total August 25 Units Acquired at Cost 230 units @ $10 = $2,300 170 units @ $12 $2,040 200 units @ $13 = $2,600 Goods purchased Number of Cost per units unit Number of units sold Units Sold at Retail = Cost of Goods Sold Cost per Cost of Goods unit Sold 190 units sold 180 units sold Number of units Inventory Balance Cost per unit Inventory Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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August 1 Date August 1 August 5 August 10 August 15 August 25 Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Activities Beginning inventory Purchase Sale Purchase Sale Total August 25 Units Acquired at Cost 230 units @ $10 = $2,300 170 units @ $12 = $2,040 200 units @ $13 = Goods purchased Number of Cost per unit units Units Sold at Retail $2,600 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit sold 190 units sold 180 units sold Number of units Inventory Balance Cost per unit Inventory Balance
Transcribed Image Text:August 1 Date August 1 August 5 August 10 August 15 August 25 Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Activities Beginning inventory Purchase Sale Purchase Sale Total August 25 Units Acquired at Cost 230 units @ $10 = $2,300 170 units @ $12 = $2,040 200 units @ $13 = Goods purchased Number of Cost per unit units Units Sold at Retail $2,600 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit sold 190 units sold 180 units sold Number of units Inventory Balance Cost per unit Inventory Balance
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