Perpetual inventory using LIFO and FIFO In the spaces provided below, determine the cost of good sold and ending inventory under the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system. Below is the data for the October: Beginning inventory 120 units @ $39 each October 2 purchase 100 units @ $41 each October 8 sale 80 units October 15 purchase 200 units @ $42 each October 22 sale 250 units FIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost LIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost

Name: Perpetual inventory using LIFO and FIFO In the spaces
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Description: Perpetual inventory using LIFO and FIFO In the spaces provided below, determine the cost of good sold and ending inventory under the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system.

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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Perpetual inventory using LIFO and FIFO

In the spaces provided below, determine the cost of good sold and ending inventory under
the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system.

Below is the data for the October:

Beginning inventory		120 units @ $39 each
October 2 purchase		100 units @ $41 each
October 8 sale		80 units
October 15 purchase		200 units @ $42 each
October 22 sale		250 units

FIFO
Purchases	Cost of Goods Sold	Inventory Balance
Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost














LIFO
Purchases	Cost of Goods Sold	Inventory Balance
Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost

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