Jan. 1Inventory3,800 units at 541Apr. 19Sale2,600 unitsJune 30Purchase4,600 units at $45Sept. 2Sale5,200 unitsNov, 15Purchase2,000 units at $48The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, atsuming the last-in, first-out method. Present the data in tHlustrated in Exhibit 4. Under LIFO, it units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column,Schedule of Cost of Goods SoldLIFO MethodPurchasesCost of Goods SoldInventeryDateQuantityUnit CostTetal CostQuantityUnit CostTetal CostQuantityUnit CostTotal Costlan, 13,800V41V155,800Apr 192,600106,6001,200414149,2001,2004149,200June 304,60045207,0004,60045207,000Sept. 2Nov. 152,00096,000Dec. 31Balances

solution: Under LIFO method of inventory costing, goods purchased in last is considered as sold…

Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,000 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the d ustrated in Exhbit Under LIFO, t units are in inventory at two or more diferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cest of Goods Sold LIFO Hethod

Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,000 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the d ustrated in Exhbit Under LIFO, t units are in inventory at two or more diferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cest of Goods Sold LIFO Hethod

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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