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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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