Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's Cost of Goods Sold, ending merchandise inventory, and gross profit. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record. calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date June 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost June 7 June 14 June 18 June 27 Totals The gross profit is Inventory Records June 7 Purchase June 14 Sale June 18 Purchase June 27 Sale 30 sofas $700 each 32 sofas $1,050 each 45 sofas $710 each 36 sofas $1,300 each Print Done
Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's Cost of Goods Sold, ending merchandise inventory, and gross profit. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record. calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date June 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost June 7 June 14 June 18 June 27 Totals The gross profit is Inventory Records June 7 Purchase June 14 Sale June 18 Purchase June 27 Sale 30 sofas $700 each 32 sofas $1,050 each 45 sofas $710 each 36 sofas $1,300 each Print Done
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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