### Perpetual: LIFO and Moving-Average#### OverviewThe beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown.#### Data Table**Date:** **Beginning Inventory and Purchases** - **Units Cost/Unit** - April 1 (BI): 100 units @ $4.20 - 100 units @ $4.60 - 200 units @ $4.80 - April 20: 400 units @ $5.60 **Sales** - April 30: 650 units *BI: Beginning Inventory*#### TaskCalculate the total amount to be assigned to the cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations, round the average unit cost to the nearest cent and answers to the nearest dollar.**Methods:**1. **Perpetual LIFO Inventory Method** - Cost of Goods Sold: $____ - Inventory on Hand: $____ 2. **Perpetual Moving-Average Inventory Method** - Cost of Goods Sold: $____ - Inventory on Hand: $____

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Description: ### Perpetual: LIFO and Moving-Average#### OverviewThe beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown.#### Data Table**Date:** **Beginning Inventory and Purchases** - **

Perpetual inventory system: Under this inventory system, the records of inventory are continuously updated by the organization by recording every transaction of purchase or sale or issue to production. Last in first out method (LIFO): The LIFO method under the perpetual inventory system values the cost of units sold at the rate of units which were recently purchased. Thus, the ending inventory is valued at the cost of earlier purchased goods. Moving average cost method: The moving average method under the perpetual inventory system values the cost of goods sold and also the ending inventory at the rate which is calculated by dividing the cost of units available for sale by the units available.

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Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown, Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.20 100 4.60 200 4.80 April 20 400 5.60 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method 2. Perpetual moving-average inventory method

Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown, Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.20 100 4.60 200 4.80 April 20 400 5.60 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method 2. Perpetual moving-average inventory method

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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