Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,900 units at $46 Sept. 2 Sale 5,600 units Nov. 15 Purchase 2,000 units at $48 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. Open spreadsheet 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 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,900 units at $46 Sept. 2 Sale 5,600 units Nov. 15 Purchase 2,000 units at $48 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. Open spreadsheet 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 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Perpetual inventory using LIFO
The following units of a particular item were available for sale during the calendar year:
Jan. 1
Inventory
3,900 units at $41
Apr. 19
Sale
2,600 units
June 30
Purchase
4,900 units at $46
Sept. 2
Sale
5,600 units
Nov. 15
Purchase
2,000 units at $48
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.
Open spreadsheet
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. Round your
answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.
Schedule of Cost of Goods Sold
LIFO Method
Purchases
Cost of Goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Ilnit Cost
Total Cost
Quantity
IUnit Cost
Total Cost
Transcribed Image Text:Open spreadsheet
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. Round your
answers for guantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.
Schedule of Cost of Goods Sold
LIFO Method
Purchases
Cost of Goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Balances
Expert Solution
Step 1
LIFO is last in first out inventory valuation method in which inventories which are purchased last in business will be sold out first.
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