Jan. 1 Inventory Apr. 19 Sale The following units of a particular item were available for sale during the calendar year: 4,000 units at $39 2,100 units June 30 Purchase 4,100 units at $41 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,400 units at $42 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. 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 data in the form illustrated in Exhibit 4. Under LIFO, if 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 Sold X Open spreadsheet LIFO Method Date Purchases Quantity Purchases Purchases Cost of Goods Sold Unit Cost Total Cost Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Jan. 1 4,000 A Apr. 19 June 30 4,100 A 2,100 ✓ $ 39 41 ✔ 168,100 A 81,900 1,900 39 1,900 4,100 Inventory Unit Cost Inventory Total Cost 39 ✔ $ 156,000 74,100 39 74,100 41 168,100 Sept. 2 4,100 ✓ 41 168,100 -2,200 X 39 1,900 X 39 Nov. 15 2,400 42 ✓ 100,800 Dec. 31 Balances A 4,000 X 39 2,400 42 100,800 $
Jan. 1 Inventory Apr. 19 Sale The following units of a particular item were available for sale during the calendar year: 4,000 units at $39 2,100 units June 30 Purchase 4,100 units at $41 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,400 units at $42 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. 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 data in the form illustrated in Exhibit 4. Under LIFO, if 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 Sold X Open spreadsheet LIFO Method Date Purchases Quantity Purchases Purchases Cost of Goods Sold Unit Cost Total Cost Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Jan. 1 4,000 A Apr. 19 June 30 4,100 A 2,100 ✓ $ 39 41 ✔ 168,100 A 81,900 1,900 39 1,900 4,100 Inventory Unit Cost Inventory Total Cost 39 ✔ $ 156,000 74,100 39 74,100 41 168,100 Sept. 2 4,100 ✓ 41 168,100 -2,200 X 39 1,900 X 39 Nov. 15 2,400 42 ✓ 100,800 Dec. 31 Balances A 4,000 X 39 2,400 42 100,800 $
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter28: Statistics And Linear Regression (stats)
Section: Chapter Questions
Problem 2R
Related questions
Question
Transcribed Image Text:Jan. 1
Inventory
Apr. 19
Sale
The following units of a particular item were available for sale during the calendar year:
4,000 units at $39
2,100 units
June 30
Purchase
4,100 units at $41
Sept. 2
Sale
4,800 units
Nov. 15
Purchase
2,400 units at $42
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.
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 data in the
form illustrated in Exhibit 4. Under LIFO, if 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 Sold
X
Open spreadsheet
LIFO Method
Date
Purchases
Quantity
Purchases
Purchases
Cost of
Goods Sold
Unit Cost
Total Cost
Quantity
Cost of
Goods Sold
Unit Cost
Cost of
Goods Sold
Inventory
Total Cost
Quantity
Jan. 1
4,000
A
Apr. 19
June 30
4,100
A
2,100 ✓ $
39
41 ✔
168,100
A
81,900
1,900
39
1,900
4,100
Inventory
Unit Cost
Inventory
Total Cost
39 ✔
$ 156,000
74,100
39
74,100
41
168,100
Sept. 2
4,100 ✓
41
168,100
-2,200 X
39
1,900 X
39
Nov. 15
2,400
42 ✓
100,800
Dec. 31 Balances
A
4,000 X
39
2,400
42
100,800
$
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