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Accounting
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 $

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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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 $
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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