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 = $ 5,420 ; Ending Inventory $ 7,340 Cost of Goods Sold $ 5,240 ; Ending Inventory $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory $ 4,370 Cost of Goods Sold $ 5,240 ; Ending Inventory = $ 4,370 O O

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 = $ 5,420 ; Ending Inventory $ 7,340 Cost of Goods Sold $ 5,240 ; Ending Inventory $ 3,470 Cost of Goods Sold = $ 5,420 ; Ending Inventory $ 4,370 Cost of Goods Sold $ 5,240 ; Ending Inventory = $ 4,370 O O

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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