Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. cost of goods sold = ? ending merchandise inventory = ? gross profit=? Purchases Cost of Goods Sold Total Cost Inventory on Hand Unit Cost Unit Unit Total Total Date Quantity Quantity Quantity Cost Cost Cost Cost Aug. 1 3 21 30 Totals
Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. cost of goods sold = ? ending merchandise inventory = ? gross profit=? Purchases Cost of Goods Sold Total Cost Inventory on Hand Unit Cost Unit Unit Total Total Date Quantity Quantity Quantity Cost Cost Cost Cost Aug. 1 3 21 30 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Iron Hill began August with 50 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions:
Aug. 3
Aug.8
42 units @ $50 each
68 units @ $30 each
62 units @ $55 each
Sale
Purchase
Aug.21
Sale
Aug.30
Purchase
28 units @ $35 each
Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise
inventory, and gross profit.
cost of goods sold = ?
ending merchandise inventory = ?
gross profit=?
Purchases
Inventory on Hand
Unit
Cost of Goods Sold
Unit
Total
Unit
Quantity
Total
Total
Date
Quantity
Quantity
Cost
Cost
Cost
Cost
Cost
Cost
Aug. 1
3
21
30
Totals
A- B
I
!
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