On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and Ending Inventory as on 31st October if the following transactions took place during the month. Date Transaction details Number of Units Price per Unit ($) 6-Oct Purchases 100 12.00 11-Oct Purchases 150 14.00 17-Oct Purchases 185 16.00 19-Oct Sales 350 23.00 29-Oct Purchases 100 11.00 Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340 O Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370
On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and Ending Inventory as on 31st October if the following transactions took place during the month. Date Transaction details Number of Units Price per Unit ($) 6-Oct Purchases 100 12.00 11-Oct Purchases 150 14.00 17-Oct Purchases 185 16.00 19-Oct Sales 350 23.00 29-Oct Purchases 100 11.00 Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340 O Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370 Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the
Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and
Ending Inventory as on 31st October if the following transactions took place during the month.
Date
Transaction details
Number of Units
Price per Unit ($)
6-Oct
Purchases
100
12.00
11-Oct
Purchases
150
14.00
17-Oct
Purchases
185
16.00
19-Oct
Sales
350
23.00
29-Oct
Purchases
100
11.00
Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470
Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340
Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370
Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc9f1b33-a8f4-4366-8b30-2a58f796e7d6%2F1c28800e-ef30-45c6-8bed-809320cd8955%2F6z3arfa_processed.png&w=3840&q=75)
Transcribed Image Text:On 1st October, the Opening Inventory balance of a product is 150 units @ 15 per unit. Using the
Last-In, First-Out (LIFO) method of Inventory valuation, find the value of Cost of Goods Sold and
Ending Inventory as on 31st October if the following transactions took place during the month.
Date
Transaction details
Number of Units
Price per Unit ($)
6-Oct
Purchases
100
12.00
11-Oct
Purchases
150
14.00
17-Oct
Purchases
185
16.00
19-Oct
Sales
350
23.00
29-Oct
Purchases
100
11.00
Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 3,470
Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 7,340
Cost of Goods Sold = $ 5,240 ; Ending Inventory = $ 4,370
Cost of Goods Sold = $ 5,420 ; Ending Inventory = $ 4,370
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